Markets in Toronto concluded a short week following Labour Day on a downbeat, though managing to solidifying weekly gains, led by health-care issues.
The S&P/TSX Composite fell 39.48 points to conclude Friday at 16,535.33. On the week, though, the index gained more than 93 points, or 0.57%
The Canadian dollar gained 0.27 cents to 75.87 cents U.S.
Pot producers were among the tops gainers, with Cronos Group picking up 52 cents, or 3.4%, to $15.85, while Canopy Growth popped $1.56, or 4.5%, to $36.53
Among consumer staples, Alimentation Couche-Tard jumped $1.97, or 2.4%, to $85.29, while George Weston traveled higher 71 cents to $11.07.
In the financial sector, TMX Group, the company which owns the Toronto Stock Exchange, zoomed $2.70, or 2.3%, to $119.37, while Industrial Alliance gained 62 cents, or 1.1%, to $57.36.
Gold took the biggest shocks, as Eldorado Gold dropped 70 cents, or 5.4%, to $12.16, while Novagold collapsed 47 cents, or 5%, to $8.94.
In among other resource stocks, First Majestic Silver tumbled 57 cents, or 4.2%, to $13.03, while MAG Silver let go of 86 cents, or 5.3%, to $15.50.
Among tech concerns, Shopify got bruised $16.71, or 3.2%, to $502.80, while Enghouse Systems shed 99 cents, or 2.5%, to $38.62.
On the economics beat, Statistics Canada reported our economy created 81,000 jobs during August, largely in part-time work. The unemployment rate remained at 5.7% as more people participated in the labour market.
Western University’s IVEY School of Business released its Purchasing Managers Index, which towered over the previous month, at 60.6 in August, from 54.2 in July, but down from 61.9 in August 2018
ON BAYSTREET
The TSX Venture Exchange regained 2.25 points to 588.51, but lost 85 points on the week, or 0.14%.
Eight of the 12 Toronto subgroups remained negative Friday, as gold docked 2.9%, materials were down 2.2%, and information technology slid 1.2%.
The four gainers were led mostly health-care, ahead 2.4%, while consumer staples grew 0.7%, and financials were 0.4% more prosperous.
ON WALLSTREET
Stocks closed little changed on Friday after the release of disappointing jobs data, but posted back-to-back weekly gains on optimism around U.S.-China trade relations.
The Dow Jones Industrial Average continued hot, gaining 69.31 points to 26,797.46, leaping nearly 400 points, or 1.5% on the week.
The S&P 500 gained 2.71 points to 2,978.71, ahead more than 55 points, or 1.8%, over the last four sessions since Labour Day.
The NASDAQ Composite dropped 13.75 points to close the week at 8,103.07, for a weekly climb of 140 points, or 1.8%
Those weekly gains came amid hopes that the world’s two largest economies could soon make substantial progress in de-escalating their protracted trade dispute.
In corporate news, Lululemon shares jumped more than 7% on quarterly results that topped analyst expectations. The apparel maker said its same-store sales — a key metric for retailers — rose 15% for the year-earlier period. Lands’ End added 2.5%, and Signet Jewelers rose 4%, on better-than-expected earnings.
The U.S. economy added 130,000 jobs in August, the Labor Department said. Economists polled by Dow Jones expected jobs to grow by 150,000 last month.
Unemployment remained steady at a rate of 3.7% while wages grew more than expected. Wages expanded by 0.4% on a month-over-month basis and by 3.2% year over year.
August marked the third straight month that job creation in the U.S. slowed. In June, 178,000 jobs were added while 159,000 were created in July.
Friday’s data and moves come as investors look for clues about the Federal Reserve’s next monetary policy move later this month. Market expectations for a 25 basis-point rate cut are at 91.2%
Prices for the benchmark 10-year U.S. Treasury gained slightly, lowering yields to 1.56% from Thursday’s 1.57%. Treasury prices and yields move in opposite directions
Oil prices regained 27 cents to $56.57 U.S. a barrel.
Gold prices ditched $12.10 to $1,513.40 U.S. an ounce.
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