Equity markets in Canada’s largest centre finished on the downside Friday, weighed mostly by telecoms and health-care issues, as investors largely shrugged off a surprisingly strong jobs report
The S&P/TSX Composite fell 29.24 points to close Friday and the week at 14,566.26. It was on track for a 1% fall for the week.
The Canadian dollar moved down 0.37 cents to 75.29 cents U.S.
Markets are shuttered Monday in Canada for Thanksgiving Day
Telecoms took the worst drubbing as Rogers Communications sank $1.02, or 1.9%, to $54.20, while TELUS Corp. fell 56 cents, or 1.3%, to $42.30.
Among health-care issues, Valeant Pharmaceuticals lost 50 cents, or 1.6%, to $30.79, while rival Concordia International shed 24 cents, or 3.8%, to $6.04.
Gold proved among the few bright spots, as Barrick Gold gathered 32 cents, or 1.6%, to $20.91, while Goldcorp added eight cents to $18.72.
Among materials, Teck Resources strengthened 55 cents, or 2.4%, to $23.24.
On the economic slate, Statistics Canada reported that the economy created -67,000 jobs during September, the lion’s share of them part-time. With more folks seeking work, the agency added that the unemployment rate stayed put at 7%.
Elsewhere, Western University’s Ivey School of Business reported its Purchasing Managers’ Index registered 58.4 in September, compared to 52.3 in August and 53.8 in September 2015. Any reading over 50 indicates expansion in the economy.
ON BAY STREET
The TSX Venture Exchange leaped 14.49 points, or 1.9%, to 780.8
All but three of the 12 TSX subgroups were lower on the day, as telecoms tailed off 1.3%, while health-care retreated 0.8%, and utilities faded 0.7%.
The lone three gainers were gold, picking up 0.7%, and the real-estate and materials sectors, each up 0.4%.
ON WALL STREET
U.S. equities closed lower on Friday as Wall Street digested a weaker-than-expected employment report and kept an eye on falling oil prices.
The Dow Jones Industrials dipped 28.01 points to 18,240.49, with Home Depot leading decliners and Goldman Sachs the top advancer.
The S&P 500 slumped 7.03 points to 2,153.74, with materials leading nine sectors lower and utilities and telecommunications the only risers.
The NASDAQ Composite surrendered 14.45 points to 5,292.40
The U.S. Labor Department said Friday the economy added 156,000 jobs last month and the unemployment rate ticked up to 5%.
Economists had expected 176,000 new jobs and the jobless rate to hold at 4.9%. The total was a decline from the upwardly-revised 167,000 jobs in August (compared to the original number of 151,000).
Moreover, average hourly wages pushed higher, rising six cents to an annualized rate of 2.6%. The average work week also inched up one-10th to 34.4 hours.
Experts say market expectations for a December rate hike were above 60% following the report's release
Elsewhere on the data front, the Commerce Department said August wholesale inventories fell more than previously reported in August.
Prices for the 10-year Treasury were higher, lowering yields to 1.73% from Thursday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil faded 75 cents to $49.69 U.S. a barrel
Gold prices moved higher $4.30 to $1,257.30 U.S. an ounce.
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