Equity markets in Toronto fell on Friday after a mixed U.S. payrolls report fueled declines in financial and industrial shares.
The S&P/TSX composite index dwindled 107.60 points to greet noon at 14,350.12
The Canadian dollar faded 0.21 cents to 84.32 cents U.S.
Crude prices were in negative territory, with concerns rising about the impact of the price drop on oil companies and their production plans. The commodity has shed about 55% of its value since June.
Financials dropped as Royal Bank of Canada was down 2% at $77.29, and Bank of Nova Scotia lost 1.8% to $63.01.
The industrial sector gave back ground, with Bombardier dropping 3.6% to $3.98.
Gold miners jumped, with Goldcorp advancing 4% to $24.28 and Barrick Gold gaining 1.3% to $12.95.
On the economic ledger, Statistics Canada reported this morning that the economy lost 4,300 jobs in December as gains in full-time work were offset by losses in part time. The unemployment rate remained at 6.6%.
The agency also said building permits were issued worth $6.6 billion in November, down 13.8% from October, following two consecutive monthly increases.
StatsCan attributes the drop to widespread declines in both the non-residential and residential sectors in several provinces.
Moreover, Canada Mortgage and Housing Corporation reported that housing starts in Canada came in at 192,047 units in December compared to 194,807 in November.
ON BAYSTREET
The TSX Venture Exchange let go of 4.34 points to 683.14
All but two of 14 Toronto subgroups were lower, as financials and consumer staples each slid 1.5%, and the metals and mining group gave back 1.2%.
The two gainers proved to be gold, up 2%, and materials, eking up 0.2%.
ON WALLSTREET
U.S. stocks dropped sharply on Friday, pulling benchmarks back into the red for the year, as the December jobs report topped expectations but hourly earnings declined and investors tracked events in France after the massacre at Charlie Hebdo magazine in Paris.
The Dow Jones Industrials fell back 138.84 points to 17,769.03, after Thursday’s 300-point-plus leap.
The S&P 500 subtracted 12.59 points to 2,049.55, with energy leading declines among its 10 major sectors, all of which fell.
The NASDAQ index backtracked 22.72 points to 4,713.47.
The figures from the U.S. Labor Department had the U.S. economy adding 252,000 to payrolls last month, and prompted stock-index futures to reverse higher ahead of the open.
But the enthusiasm proved short lived, in light of the earnings figures.
Another economic report had wholesale inventories climbing 0.8 percent in November, above estimates
Prices for 10-year U.S. Treasuries eked up, lowering yields to 1.96% from Thursday’s 2.02%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.24 per barrel to $47.55 U.S.
Gold prices added eight dollars an ounce at $1,216.50 U.S.
