Canada's main stock index opened marginally higher on Friday, dragged down by cannabis companies while a handful of dismal corporate earnings from Enbridge Inc and CAE Inc further dented sentiment.
The S&P/TSX Composite repaired 14.63 points early Friday to 18,407.62.
The Canadian dollar skidded 0.17 cents to 78.57 cents U.S.
Cannabis companies rebounded from a double-digit slump in the prior session.
Canopy Growth opened trading in Toronto up $1.31, or 2.5%, to $52.94, while Aphria took on 94 cents, or 4.4%, to $22.30.
Cronos took back three cents to $15.36. Hexo rocketed 33 cents, or 3.4%, to $10.11.
CAE gave back a nickel to $32.44.
Enbridge, for its part, fell 78 cents, or 1.8%, to $43.78.
Air Canada reported its biggest annual loss in at least 19 years as the coronavirus crisis hit bookings, with no breakthrough in talks with the government over further financial aid. Shares in the Maple Leaf airline soared $1.10, or 5.2%, to $22.30.
Canaccord Genuity raised the target price on Aurora Cannabis $14.00 from $11.00. Aurora dozed 86 cents a share, or 4.7%, to $17.45.
Credit Suisse cut the target price on Restaurant Brands International to $67.00 from $69.00. Shares fell $1.93, or 2.6%, to $73.17.
CIBC raised the target price on Colliers International Group to $112 from $102. Shares in Colliers moved ahead $1.08 to $140.83.
On the economic front, Statistics Canada reported wholesale trade fell 1.3% in December to $66.5 billion, the first decline after seven consecutive increases.
The agency attributes the decrease to sharply lower sales of motor vehicles and motor vehicle parts and accessories; and machinery, equipment and supplies.
Markets on both sides of the border are closed Monday, in Canada, for Family Day, and in the States for Presidents Day.
ON BAYSTREET
The TSX Venture Exchange subsided 2.86 points to 1,035.11.
Seven of the 12 TSX subgroups lost ground in the first hour, with consumer discretionary stocks doddering 1.3%, gold dulling 1%, and communications tumbling 0.8%.
The five gainers were led by health-care, up 3%, while financials prospered 0.6%, and energy rumbled 0.5% higher.
ON WALLSTREET
U.S. stocks edged lower on Friday as Wall Street’s strong momentum to start February fizzled.
The Dow Jones Industrial Average lost 35.83 points to 31,394.87.
The S&P 500 sank 0.8 points to begin the week’s last session at 3,915.59.
The NASDAQ Composite demurred 16.68 points to 14,009.10.
The major averages are still on track to post a positive week near record levels, though the strong rally to begin February has taken a slight breather. The blue-chip Dow posted two little changed days this week, while the S&P 500 fluctuated within 0.2% for three days in a row.
The market ground higher to notch records this month as investors remained hopeful for a smooth economic reopening as well as additional COVID stimulus. The Dow has rallied 4.7% in February, while the S&P 500 has amassed 5.4%, and the NASDAQ has rallied 7.1%, this month.
Shares of Disney erased opening gains and traded 2% lower even after the company reported strong growth in paid streaming subscribers and crushed expectations in its earnings report for its fiscal first quarter of 2021. Disney said it now has almost 95 million paid subscribers on its Disney+ streaming service.
Cyclical sectors, those most sensitive to an economic rebound, led the rally in February. Energy is up more than 12% month to date, while financials rallied 8.4%. Materials were also among the top-performing S&P 500 sectors this month, rising more than 6%. Investors also piled into beaten-down small-cap stocks, pushing the Russell 200 up 10% this month.
President Joe Biden said Thursday his administration has secured deals for another 200 million doses of COVID-19 vaccine from Moderna and Pfizer, bringing the U.S. total to 600 million. He added the U.S. will have enough supply for 300 million Americans by end of July.
Prices for 10-Year Treasurys dipped, sending yields higher to 1.20% from Thursday’s 1.16%. Treasury prices and yields move in opposite directions.
Oil prices regained 29 cents to $58.53 U.S. a barrel.
Gold prices dropped $10.50 to $1,816.30.
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