Canada's main stock index dropped for a second day, with oil prices plunging nearly 3% after weak China trade data and U.S. jobs growth report sparked fears of slowing global growth.
The S&P/TSX Composite Index came off its lows of the morning, but remained behind Thursday’s close by 97.3 points to approach noon Friday at 15,959.21
The Canadian dollar recovered 0.11 cents at 74.49 cents U.S.
The largest percentage gainers on the TSX were Yamana Gold, which jumped 18 cents, or 5.4%, to $3.50, followed by a rise of 18 cents of 4.3%, in Kinross Gold.
Enghouse Systems Ltd fell $3.17, or 8.3%, to $35.18, the most on the TSX, after reporting quarterly results. The second biggest decliner was MEG Energy, down 27 cents, or 5.1%, to $4.99.
On the economic calendar, Statistics Canada reported the economy created 56,000 jobs in February, driven by gains in full-time work. The unemployment rate was unchanged at 5.8% as the number of people searching for work held steady.
Also, Canada Mortgage and Housing Corporation said the trend in housing starts was 203,554 units in February, compared to 207,742 units in January.
ON BAYSTREET
The TSX Venture Exchange regained 0.36 points to 615.57
All but three of the 12 TSX subgroups were lower midday, as energy dwindled 2.4%, industrials weakened 0.8%, and financials dipped 0.6%.
Only gold, up 1.4%, and materials, stronger by 0.6%, and health-care, advancing 0.3%, stemmed the negative tide.
ON WALLSTREET
Stocks fell on Friday after the U.S. government released employment data that badly missed expectations, adding to growing concerns that the global economy may be slowing down.
The Dow Jones Industrial Average remained negative 143.37 points to move into lunch hour at 25,329.86, as Exxon Mobil and Chevron lagged.
The S&P 500 dipped 20.95 points to 2,727.98, as the energy and consumer discretionary sectors dipped.
The NASDAQ Composite stumbled 56.9 points to 7,364.56.
The weekly decline comes amid growing fears that most of the positive news on the U.S.-China trade front may be baked in. At this point, most investors expect the two countries to strike a trade deal later this month. There are also worries that a deal may not be sure thing.
Some media outlets learned that China and the U.S. have talked about holding further discussions in Beijing after the National People's Congress concludes on March 15.
The U.S. economy added just 20,000 jobs last month, marking the weakest month of jobs creation since September 2017. Economists polled by Dow Jones expected a gain of 180,000.
Prices for the benchmark 10-year U.S. Treasury grew slightly, lowering yields to 2.63% from Thursday’s 2.64%. Treasury prices and yields move in opposite directions
Oil prices retreated $1.57 to $55.09 U.S. a barrel.
Gold prices gained $12.90 to $1,299.00 U.S. an ounce.
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