The Toronto stock market was lower Friday as nervous investors backed off going into the weekend amid rising tensions in Ukraine.
The S&P/TSX composite index lost 20.68 points to finish Friday at 14,533.57
The Canadian dollar dipped 0.10 at 90.63 cents U.S.
In Canada, business software provider Open Text Corp. posted quarterly net earnings of $45.8 million or 33 cents per share, up from $25.8 million or 22 cents in the comparable year-earlier period as revenue rose to $442.8 million from $337.7 million.
The company also upped its quarterly dividend by 15% to 17.25 cents a share. Its shares climbed $3.30, or 6.5%, to $54.11.
In other corporate developments, Canadian Oil Sands Ltd. lowered its production guidance during 2014 for the Syncrude Canada oilsands mine north of Fort McMurray, Alta., to between 95 million and 105 million barrels, compared with an previous estimate of 95 million to 110 million barrels as a result of a breakdown at one of its cokers, which help convert heavy oilsands bitumen into a lighter type of crude. Its shares fell 88 cents to $23.25.
May copper was unchanged at $3.12 a pound and the base metals group was off, as Teck Resources gained five cents to $24.82
The gold sector advanced, as Goldcorp took on 35 cents to $27.43, and Barrick Gold gained 49 cents to $19.74.
There were scattered reports of violence as Ukrainian forces tried to end an occupation of government buildings by pro-Russian militia in more than 10 cities in eastern parts of the country. In turn, Russia's foreign minister has accused the West of plotting to control Ukraine and also announced military exercises near Ukraine's border
Bank of Canada Governor Stephen Poloz is more hopeful than before about an export recovery but is not straying from his mantra that an interest rate cut is just as possible as a hike because the economic outlook is so uncertain. Poloz said so during a speech in Saskatoon Thursday.
ON BAYSTREET
The TSX Venture Exchange backtracked 0.86 points to 1,013.59
All but four of the 14 Toronto subgroups were lower, as consumer discretionary stocks fell 1.1%, real-estate skidded 0.8%, and telecoms dropped 0.6%
The four gainers were led by gold, gaining 2.3%, materials, 1.3% to the good, and information technology, up 1.1%.
ON WALLSTREET
Tech stocks were feeling the bruises at the closing bell Friday.
The Dow Jones Industrial Average plummeted 140.19 to end the week at 16,361.46
The S&P 500 slid 15.21 points to 1,863.40, and the NASDAQ composite index tumbled 72.78 to 4,075.56. The selloff came as investors questioned whether key companies like Amazon are growing at the pace Wall Street likes to see. There were also renewed concerns about turmoil in Ukraine.
The major indexes have given up gains from earlier in the week and are now on track to close the week with losses.
Amazon reported better-than-expected earnings and revenue Thursday, but shares plunged more than 9% as worries about rising costs at the tech giant surfaced.
Microsoft was slightly higher after the company reported first-quarter sales that exceeded analysts' expectations. It also announced the completion of its deal with Nokia, complete with a slightly awkward photo of CEO Satya Nadella and executive Stephen Elop walking and talking in a mountainous setting while Elop holds a Nokia phone.
Ford shares fell 3% after the automaker reported its first quarterly earnings decline since 2012. Profits also were below analysts' estimates.
Shares of Dow component Visa tumbled after the credit card giant missed revenue forecasts.
Starbucks rose a bit after reporting a gain in sales and earnings. There also have been rumors that it is considering buying a stake in SodaStream. Shares of SodaStream have rallied sharply this week on that speculation.
Burger King got a boost after its earnings report barely topped estimates, but that was a better story than McDonald's had when it reported its quarterly results earlier in the week.
Shares of athletic apparel maker Under Armour sank for a second straight day even though the company reported strong earnings Thursday and is on the verge of being added to the S&P 500 index.
Tensions in Ukraine escalated sharply Thursday, with Russia embarking on new military drills near the border after Ukrainian forces said they killed five pro-Russian militants within their borders.
Senior government officials told the media that the U.S. could impose new sanctions on Russia as early as Friday for failing to take steps to reduce the tension in eastern Ukraine. Sanctions would target key allies of Russian President Vladimir Putin, high-profile oligarchs and possibly companies.
Even without additional sanctions, Russia is struggling economically. Standard & Poor's downgraded Russia's credit rating to one step above junk status, and the country was forced to raise its interest rate from 7 to 7.5% since its currency is dropping sharply. This was the second increase in two months.
Prices for 10-year U.S. Treasuries, moved up, lowering yields to 2.67% from Thursday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.36 to $100.58 U.S. a barrel.
Gold prices acquired $10.40 at $1,301 U.S. an ounce.
