Markets in Toronto fared badly as the clock approached noon ET on Friday, weighed by decreases in heavyweight financial stocks and most of its consumer names despite strong domestic data, while plane and train maker Bombardier Inc surged after reporting a surprise profit.
The S&P/TSX Composite Index tumbled 69.14 points to pause for lunch Friday at 15,122.22
The Canadian dollar sprang up 0.69 cents to 80.36 cents U.S.
Bombardier jumped 5.4% to $2.54 after posting its first quarterly profit in two years and saying it expects 2017 earnings before interest and tax to come in at the higher end of its forecast.
On the other side of the ledger, First Quantum Minerals fell 2.8% to $13.60 after reporting a loss versus expectations of profit.
Among consumer names, auto supplier Magna International fell 2.2% to $59.22 and convenience store operator Alimentation Couche Tard lost 1.7% to $59.91.
Banks also weighed, with Royal Bank of Canada down 0.9% at $92.41 and Toronto-Dominion Bank losing 0.9% to $63.66.
Among energy concerns, the country's number-two pipeline company, TransCanada Corp., gained 1% to $64.20 after reporting better-than-expected profit, while Imperial Oil slipped 0.3% to $37.11 after reporting a smaller second-quarter loss and higher revenue.
Satellite and surveillance company MacDonald Dettwiler and Associates rose 4% to $66.09 after shareholders in the company and its acquisition target DigitalGlobe Inc. approved those plans.
Hudson's Bay Co edged higher, up 0.3% at $10.80, after confirming plans to open first namesake department store in Canada in at least five years.
On things macroeconomic, Statistics Canada reported that GDP grew 0.6% in May, with 14 of 20 industrial sectors increasing. This was the seventh consecutive monthly increase.
On an annual basis, GDP grew 4.6%, the fastest rate at which it’s done so in 17 years.
ON BAYSTREET
The TSX Venture Exchange gained 0.55 points to 769.76.
All but two of the 12 TSX subgroups were negative by noon, with consumer discretionary stocks sliding 1.3%, while telecoms gave back 1.2%, and consumer staples backtracked 0.9%.
The two gainers were in gold, gaining 0.8%, and materials, ahead 0.1%.
ON WALLSTREET
U.S. equities were mixed on Friday as large-cap tech stocks followed Amazon.com lower.
The Dow Jones Industrials greeted noon up 8.68 points from Thursday’s all-time high to 21,805.23, though losses in ExxonMobil kept gains subdued.
The S&P 500 shed 4.92 points to 2,470.50, with consumer discretionary leading decliners and tech pulling back 0.2%.
The NASDAQ dropped 12.23 points to 6,369.96
Shares of the e-commerce giant fell 3.1% on the back of much weaker-than-expected quarterly results. Amazon posted second-quarter earnings per share of 40 cents. Analysts expected earnings of $1.42 a share. Sales, however, came in above expectations.
Stocks from other major tech companies also fell, including Apple. The fall came a day after the tech sector dragged the broader market lower as investors took profits off the table.
In economic news, the U.S. Commerce Department said economic growth for the second quarter released in-line with expectations.
The U.S. economy grew at an annualized rate of 2.6% matching estimates.
Meanwhile, consumer sentiment for July topped expectations at 93.4.
Prices for the benchmark 10-year Treasury note climbed, lowering yields to 2.3% from Thursday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices gained 62 cents to $49.66 U.S. a barrel
Gold prices gained $8.30 to $1,268.30 U.S. an ounce.
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