Equities in Canada’s largest centre fell on Friday as falling commodity prices weighed, while hotter-than-expected domestic producer prices data fed into investor angst about interest rate hikes.
The TSX continued its slide, docking 87.77 points to begin the week’s last trading session at 20,518.65.
The Canadian dollar slid 0.17 cents to 74.05 cents U.S.
Markets on both sides of the border will be closed Monday, for Family Day in Canada, and Presidents Day in the States.
First Quantum Minerals has warned employees it may have to shutter operations in Panama if the government does not allow its copper exports to resume by next week. First Quantum shares nicked ahead three cents to $26.81.
Rogers Communications said it would further extend the deadline for its takeover of Shaw Communications to March 31, as the wireless carriers await final approval from Federal Industry Minister Francois-Philippe Champagne. Rogers shares inched ahead 14 cents to $65.69, while those for Shaw lost seven cents to $39.18.
Air Canada reported a narrower quarterly loss, helped by strong holiday travel demand. Shares in the “Maple Leaf Airline” faltered $2.09, or 9%, to $21.06.
Dundee Precious Metals reported a fall in fourth-quarter revenue, but beat profit estimates. Dundee shares acquired 19 cents, or 2.4%, to $8.21.
On the economic slate, Statistics Canada’s industrial product price index increased 0.4% month over month in January and rose 5.4% year over year, while its raw materials price index edged down 0.1% month over month in January and was 1.2% higher compared with January 2022.
What is more, foreign investment in Canadian securities accelerated in December and reached $21.2 billion, the largest investment since August. At the same time, Canadian investors reduced their holdings of foreign securities by $2.3 billion after buying $14.7 billion in November.
ON BAYSTREET
The TSX Venture Exchange retreated 6.32 points, or 1%, to 620.90.
Seven of the 12 subgroups moved higher, health-care muscled 0.6%, while consumer discretionary progressed 0.4%, and real-estate was better 0.3%.
The five laggards were weighed most by energy, slumping 2.2%, while gold dulled 2%, and materials lost 1%.
ON WALLSTREET
U.S. stocks were mixed on Friday as stubbornly high inflation and a rebound in rates continue to weigh on investor sentiment.
The Dow Jones Industrials recovered 39.45 points to kick off Friday at 33,736.30
The S&P 500 fell 17.73 points to 4,072.68.
The NASDAQ Composite skidded 90.74 points to 11,765.09.
Stocks are trending down for the week. The Dow is down 0.9%, on pace for its third negative week in a row — a first since September. The NASDAQ is down 0.02% for the week. Meanwhile, the S&P 500 is down 0.9%.
Energy was the biggest laggard across indexes. Albemarle backed off more than 10% and Devon Energy fell nearly 5%, weighing on the S&P 500.
Investors continue to worry about how the economy and equities will hold up as the Federal Reserve hikes rates to tame stubbornly high inflation. In a Friday speech, Federal Reserve Governor Michelle Bowman said there’s a long way to go before the central bank reaches its target of 2% inflation.
The moves came after major averages shed more than 1% on Thursday, after the U.S. Labor Department said the producer price index — an inflation metric that tracks wholesale prices — rose 0.7% last month. That was more than economists expected.
Prices for the 10-year Treasury inched higher, lowering yields to 3.85% from Thursday’s 3.86%. Treasury prices and yields move in opposite directions.
Oil prices decreased $2.66 cents to $75.83 U.S. a barrel.
Gold prices fell $8.40 to $1,843.20 U.S. an ounce.
