Equity markets in Canada edged lower at open on Friday, mirroring losses in global equities as tensions between the United States and Iran kept investors on the sidelines.
The S&P/TSX Composite Index docked 33.98 points to begin the week’s final session at 16,540.85
The Canadian dollar dropped 0.11 cents to 75.70 cents U.S.
Canopy Growth reported better-than-expected quarterly revenue on Thursday, as efforts to strengthen its retail operations paid off and increased production capacity resulted in higher sales following Canada's legalization of recreational cannabis.
Canopy shares tumbled $4.54, or 7.9%, to $53.13.
CIBC raised the price target on Kirkland Lake Gold to $58.00 from $53.00. Kirkland Lake shares dropped 41 cents to $53.78.
TD Securities cut the price target on ARC Resources to $12.50 from $13.50. ARC shares fell two cents to $6.83.
BMO raised the price target on Evertz Technologies to $20.00 from $19.00. Evertz shares gained 50 cents, or 2.8%, to $18.10.
On the economic front, Statistics Canada reported retail sales enjoyed a third straight month of growth, edging up 0.1% to $51.5 billion in April.
The agency adds, excluding sales at motor vehicle and parts dealers and gasoline stations, retail sales were down 0.1%
ON BAYSTREET
The TSX Venture Exchange slipped 1.53 points at 591.73
All but two of the 12 Toronto subgroups were negative in the first hour, with health-care ailing 5.1%, consumer staples down 1.1%, and information technology skidding 0.7%
The two gainers were gold, inching up 0.1%, and financials, eking up 0.02%.
ON WALLSTREET
Stocks fell slightly on Friday, taking a breather a day after the S&P 500 set record highs.
The Dow Jones Industrial Average crept up 3.46 points to 26,756.63,
The S&P 500 faded 5.17 points to 2,949.01,
The NASDAQ Composite slumped 33.98 points to 8,027.64
The Dow and S&P 500 were both up more than 2% for the week entering Friday’s session. The NASDAQ was up more than 3%.
Apple shares pressured the tech sector, falling 0.6%. Micron Technology and PayPal also contributed to the sector’s losses, dipping around 2% each.
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 2.06% from Thursday’s 2.02%. Treasury prices and yields move in opposite directions.
Oil prices edged up 30 cents to $57.37 U.S. a barrel.
Gold prices improved $2.70 to $1,399.60 U.S. an ounce.
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