Equity markets in Toronto took a triple-digit tumble as investors took in the latest figures concerning the country's economic growth in November.
The S&P/TSX composite index fell 106.39 points to open the last session of the week and month at 14,530.89
The Canadian dollar swooned 0.82 cents to 78.43 cents U.S.,
Bankrupt drug maker Dendreon Corp has reached a stalking-horse deal with Canada's Valeant Pharmaceuticals International to sell the worldwide rights to its cancer vaccine, Provenge, and certain assets for $296 million U.S. Valeant shares gained $1.90 to $205.53.
Canadian Imperial Bank of Commerce is trimming its workforce as part of a realignment of its resources to help boost efficiency, the country's fifth-biggest lender said on Thursday. Commerce shares dipped $2.06, or 2.3%, to $89.31.
Canadian Oil Sands, the largest-interest owner in the Syncrude oil sands project, slashed its dividend and further reduced 2015 capital spending on Thursday as fourth-quarter profit dropped 87% due to lower oil prices. Oil Sands stock lost half a cent per share at $6.84.
Paradigm cut the rating on Wilan Inc. to hold from buy, and the price target to $4. Wilan shares faded 11 cents, or 3.1%, to $3.45.
Also, Paradigm raised the rating on Blackpearl Resources to buy from hold. Blackpearl took on a cent a share to 90 cents.
On the economic front, Statistics Canada reported this morning that Canada’s gross domestic product eased 0.2% in November, mostly following declines in manufacturing, mining, and oil and gas extraction.
ON BAYSTREET
The TSX Venture Exchange faded 0.16 points to 666.95
Nine of the 14 Toronto subgroups lost ground in the first hour of trading, as financials dipped 1.6%, energy stocks were 1% less energetic, and metals and mining issues were weaker by 0.4%.
The five gainers were led by health-care, up 0.5%, global base metals, up 0.4%, and real-estate, gaining 0.3%.
ON WALLSTREET
U.S. stocks fluctuated on Friday, with equities on track for January losses, with investors on uncertain footing after the government reported economic growth slowed sharply in the fourth quarter.
The Dow Jones Industrials stepped back 18.31 points to 17,398.54, after a 200-point-plus surge Thursday.
The S&P 500 lost 4.22 points to 2,017.03. The NASDAQ index moved higher 9.04 points to 4,692.45.
Economically speaking, the U.S. Commerce Department reported gross domestic product expanded at a 2.6% annual rate after the third quarter's 5% jaw-dripping pace.
Analysts had projected the economy would expand at a 3% rate in the final quarter of 2014.
Chevron dropped in early New York trading after the oil producer and Dow component reported a 30% decline in quarterly profit.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 1.69% from Thursday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices eked up 17 cents per barrel to $44.70 U.S.
Gold prices gathered eight dollars an ounce to $1,262.60 U.S.
