Equities fell on Friday as a rout in commodity prices pushed mining and energy stocks toward deeper losses, while disappointing earnings and some profit taking also added to the declines.
The S&P/TSX composite index faded 42.71 points to pause for lunch at 14,222.66
The Canadian dollar shed 0.17 cents at 76.54 cents U.S.
Valeant Pharmaceuticals International Inc, which jumped more than 9% on Thursday after investors cheered its quarterly earnings results, was by far the biggest drag on the TSX. Shares fell 2.2% to $333.43, sending the overall health care sector retreating.
Shares of Encana Corp, Canada's number-one natural gas producer, plunged 8.7% to $10.25 after it reported a bigger-than-expected quarterly loss.
Suncor Energy was off 1.4% to $33.17.
The overall energy sector, which has fallen more than 25% since highs in April, retreated yet again.
Other big losers include Goldcorp , which was down 2.3% to $16.27 and First Quantum Minerals, which was off 4.5% to $11.74.
Teck Resources fell 4.4% to $9.49, despite beating expectations, as investors remained unhappy with bloated debt and hefty capital commitments.
ON BAYSTREET
The TSX Venture Exchange moved backward 3.74 points to 594.36.
Seven the 14 TSX subgroups were lower midday, as global base metals slumped 2.5%, metals and mining slumbered 1.9%, and energy was 1.7% less energetic.
The half-dozen gainers were led by telecoms, ahead 0.9%, industrials, mightier by 0.6%, and consumer staples, improving 0.4%.
Information technology stocks were unchanged at lunch hour.
ON WALLSTREET
U.S. stocks traded lower after briefly attempting gains on Friday, despite surprisingly strong Amazon earnings, as signs of slower global growth weighed on sentiment.
The Dow Jones industrial average stumbled 87.62 points to pause for noon Friday at 17,644.30. Southwest Airlines led declines in the Dow transports, which failed to recover from correction territory.
The S&P 500 shaved off 8.70 points to 2,093.45.
The NASDAQ index gave back 6.53 points to 5,139.88.
Blue chips Chevron and Exxon Mobil hit multi-year lows with the continued decline in oil, while a disappointing Biogen earnings report pressured the iShares Nasdaq biotechnology ETF (IBB) down about 2% to weigh on the NASDAQ.
Apple and Google also declined.
Amazon shares briefly soared more than 17% in the open to a record after reporting unexpected quarterly profit after the close Thursday. The e-commerce firm's market cap now surpasses that of Wal-Mart.
Starbucks and Visa also traded at all-time highs after beating on both the top and bottom line.
Those quarterly reports stand out from mostly lackluster earnings on Thursday that pushed U.S. markets broadly lower.
Among the firms posting results before the open, Biogen Idec beat on earnings but missed on revenue, as well as lowered full-year guidance.
American Airlines posted earnings that topped expectations on revenue a touch below forecasts. The airline also announced the authorization of an addition $2 billion U.S. in share buybacks.
VF Corp., the maker of North Face, Wrangler, and other apparel brands, posted earnings that beat on both the top and bottom lines. The firm also raised its full-year outlook.
In dealmaking news, Anthem said on Friday it would buy Cigna in a deal valued at $54.2 billion U.S, creating the largest U.S. health insurer by membership.
The U.S. flash manufacturing PMI for July edged up to 53.8, from a 20-month low hit in June.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Thursday’s 2.27%.
Oil prices dipped 17 cents a barrel to $48.28 U.S.
Gold prices capsized $8.40 to $1,085.70 U.S. an ounce.
