Canada’s main stock index slipped on Friday, the last session before Christmas, but was on track for its sharpest weekly gain in almost three months.
The S&P/TSX Composite Index faded 14.19 points to greet noon at 16,168.44. The index remains on track for a 0.7% rise for the week, its sharpest weekly gain since late September.
The Canadian dollar skidded 0.08 cents to 78.42 cents U.S.
Among the most influential decliners on the index was First Majestic Silver, which fell 8.9% to $8.86 after Bank of Montreal analysts cut the stock to "underperform" and lowered its price target.
First Quantum Minerals declined 2% to $17.27, while the overall materials group, which includes precious and base metal miners and fertilizer companies, added some strength.
Teck Resources rose 1.1% to $32.50 after the miner reached a wage deal with one union at its Quebrada Blanca copper mine in Chile, ending an eight-day strike.
On the economic front, Statistics Canada said GDP was essentially unchanged in October following 0.2% growth in September, as nine of 20 industrial sectors expanded
ON BAYSTREET
The TSX Venture Exchange faded 1.71 points to 802.43
Seven of the 12 TSX subgroups were higher approaching noon, led by gold, up 1.2%, materials, ahead 0.6%, and health-care, up 0.2%.
The five laggards were weighed most by information technology, sliding 0.6%, consumer discretionary stocks, shedding 0.4%, and financials, fading 0.3%.
ON WALLSTREET
U.S. equities fell slightly on Friday, but traded near record levels, after lawmakers agreed on a plan to prevent a government shutdown.
The Dow Jones industrials shied 50.8 points to reach noon hour at 24,731.49, with Nike leading decliners.
The S&P 500 dipped 4.86 points to 2,679.71, with financials falling 0.4%.
The NASDAQ composite index fell 12.46 points to 6,952.90
Despite their small declines, the major indexes remained less than 1% below record highs set earlier this week.
The major stock indexes have been on a tear this year as Wall Street awaited lower corporate taxes. The S&P 500 is up 19.9% in 2017, while the Dow has risen 25.4%, and the NASDAQ is up 29.4%.
In corporate news, Nike shares slipped 3.2% in the pre-market after the athletic apparel maker reported a drop in gross margins. The company's quarterly earnings and revenue topped estimates, however.
Biotechnology company Ignyta soared 72% after Swiss drug maker Roche agreed to buy the company for $27 per share, a 74% premium to its closing level from Thursday.
In economic news, personal income rose 0.3% last month. Economists were expecting a 0.4% gain. Durable goods orders, meanwhile, also disappointed, rising 1.3% in November. Economists had forecast an increase of 2%.
Prices for the benchmark 10-year Treasury note faded a bit, raising yields to 2.49% from Thursday’s 2.48%. Treasury prices and yields move in opposite directions.
Oil prices dropped 18 cents a barrel to $58.18 U.S.
Gold prices gained seven dollars to $1,277.60 U.S. an ounce.
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