Stocks in Canada’s largest market sustained triple-digit loss as Friday began, as lower oil prices weighed on the shares of energy companies.
The S&P/TSX Composite tumbled 153.66 points, or 1%, to begin the last day of a zany week at 14,590.59
The Canadian dollar dropped 0.38 cents, to 73.89 cents U.S.
Hudson's Bay Co cut its revenue forecast for the full year, saying comparable sales did not improve in the second half as expected. The company said on Thursday it expected sales of $14.5 billion-$14.9 billion, down from the $14.9 billion-$15.9 billion it estimated in September.
Bay shares capsized $1.42, or 8.6%, to $15.14.
Valeant Pharmaceuticals International says it may change its name to help boost its reputation, board member and top investor William Ackman told the media. A name change would be the latest effort by the company to break from its past, after hiring a new chief executive, overhauling the board and exploring billions of dollars in asset sales to pay down a $30-billion debt load.
Shares in the beleaguered drug maker doffed 18 cents to $22.52.
CIBC cut the rating on CAE Inc to sector perform from outperform, reflecting relative valuation and the company’s significant outperformance relative to the broader market.
CAE shares gave back 59 cents, or 3%, to $19.15.
Canaccord Genuity raised the target price on Canadian Energy Services to $8.00 from $6.25, saying impressive third-quarter results reflect multiple levers for EBITDA expansion in a tough market.
Canadian Energy shares hiked 51 cents, or 9.4%, to $5.96.
Barclays cut the target price on Crescent Point Energy to $22.00 from $23.00, as the company reiterated 2016 and preliminary 2017 guidance.
Crescent Point shares dipped nine cents to $14.62.
CIBC raised target price on Manulife Financial to $23.00 from $19.00, to reflect higher earnings expectations and a higher valuation multiple.
Manulife shares eased nine cents each to $21.85.
Barclays raised the target price on Sun Life Financial to $51.00 from $45.00, considering a potential for additional earnings growth.
Sun Life shares shed 90 cents, or 1.8%, to $50.00.
ON BAYSTREET
The TSX Venture Exchange fell 2.7 points to 740.93
All 12 TSX subgroups were negative in the first hour, as gold lost 2.4% of its luster, while materials and energy each declined 2%.
ON WALLSTREET
U.S. equities traded mostly lower on Friday as the post-U.S. election rally took a breather, with the three major indexes poised to record their best weekly gains of the year.
The Dow Jones Industrials dropped 27.36 points to begin the session at 18,780.52, with Walt Disney contributing the most gains and ExxonMobil the most losses.
The S&P 500 moved negative 8.18 points at 2,159.30, with energy leading decliners.
The NASDAQ composite index fell 6.43 points to 5,202.36
Since Donald Trump's victory in the race for the White House, investors have been quickly reallocating assets, increasing exposure to financials and industrials, while lowering positions in sectors like utilities, real-estate and consumer staples.
Entering Friday, financials and industrials had gained 10.9% and 7.7%, respectively, while utilities, consumer staples and real estate were down 3.7%, 2% and 1.6% respectively.
In economic news, consumer sentiment data are due this morning.
Prices for the 10-year Treasury were lower, raising yields to 2.14% from Thursday’s 2.08%. Treasury prices and yields move in opposite directions.
Oil prices skidded a dollar to $43.66 U.S. a barrel
Gold prices plummeted $36.80 to $1,229.60 U.S. an ounce.
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