Stocks Take Drubbing at Close

Health-care Flops


Equities in Canada’s largest market faded by the end of Friday, even as health officials reassured investors the coronavirus epidemic in China does not constitute a world health crisis.

The TSX Composite Index dropped 56.44 points to finish Friday at 17,565.34, albeit gaining slightly on the week.

The Canadian dollar dipped 0.07 cents to 76.09 cents U.S.

Health-care stocks bore the brunt among losing subgroups, as Cronos Group floundered $1.01, or 9.2%, to $11.14, while Aphria faltered 68 cents, or 9%, to $6.90.

Energy stocks were less energetic by the closing bell, as Crescent Point Energy docked 30 cents, or 5.9%, to $4.26, while Baytex Energy burrowed nine cents, or 5.6%, to $1.53.

Among consumer discretionary concerns, Magna International dropped $1.33, or 1.9%, to $69.34, while Restaurant Brands International let go of $1.43, or 1.7%, to $84.35.

Gold stocks tried to restore the balance, as Kinross Gold gained 19 cents, or 3%, to $6.43, while Torex Gold Resources added 50 cents, or 2.9%, to $17.90.

Materials also strengthened, particularly, Endeavour Mining, climbing $1.31, or 5.2%, to $26.70, while First Majestic Silver triumphed 45 cents, or 3.4%, to $13.86.

In utilities, Northland Power soared 34 cents, or 1.2%, to $29.46, while Transalta moved up 12 cents, or 1.3%, to $9.72.

On the economic slate, Statistics Canada says retail sales in Canada rose 0.9% to $51.5 billion, largely offsetting the 1.1% decline in October.

The increase was primarily attributable to higher sales at motor vehicle and parts dealers and food and beverage stores, both of which were down in October.

ON BAYSTREET

The TSX Venture Exchange slid 0.63 points to 581.75, a loss of nearly half a percentage point on the week.

Seven of the 12 TSX subgroups had fallen into the minus region, with energy and health-care each fading 1.9%, and financial, off 0.4%.

The five gainers were led by gold, soaring 1.4%, information technology, better by 0.5%, and materials, improving 0.4%.

ON WALLSTREET

Stocks fell on Friday after the second U.S. case of the deadly coronavirus was confirmed, stoking concerns over the sickness’ impact on the global economy.

The Dow Jones Industrials staggered 170.36 points to end a short week at 28,989.73, as Boeing shares turned around. Friday also marked the Dow’s first close below 29,000 since Jan. 14.

The S&P 500 slumped 30.1points at 3,295.44, for its worst loss of the young year.

The NASDAQ slouched 87.57 points from Thursday’s all-time high to 9,314.91.

The Dow, S&P 500 and NASDAQ all posted their first weekly loss of 2020. The Dow and S&P 500 both fell at least 1% week to date while the NASDAQ slid 0.8%.

Stocks started Friday’s session on a strong note after the release of better-than-expected earnings from American Express and Intel.

American Express reported a quarterly profit and revenue that beat analyst expectations. Those results were driven in part by strong card fee revenues. The stock gained more than 2% and hit a record high.

Intel, meanwhile, climbed more than 8% after its fourth-quarter numbers topped estimates. The company also gave an optimistic outlook for the first quarter of 2020.

Those results add to what has been a solid start to the earnings season. More than 16% of the S&P 500 has released quarterly results thus far. Of those companies, about 70% have reported better-than-expected earnings

Prices for the 10-Year U.S. Treasury gained ground, lowering yields to 1.69% from Thursday’s 1.73%. Treasury prices and yields move in opposite directions.

Oil prices slid $1.20 to $54.39 U.S. a barrel.

Gold prices advanced $5.20 to $1,507.80 U.S. an ounce.