Stocks in Toronto remained triple digits below Thursday’s close as Friday morning became afternoon, as the repercussions from the U.S. Federal Reserve’s decision on interest rates.
The S&P/TSX composite index slumped 119.43 points – off its lows of the morning -- to greet noon at 13,667.73
The Canadian dollar improved 0.17 cents at 76.03 cents U.S.
Base metals stocks took a nosedive, in particular, Sherritt International, falling eight cents, or 8%, to 92 cents, while First Quantum Minerals chopped 61 cents, or nearly 8%, in price to $6.99.
Energy stocks suffered, what with Lightstream Resources falling 2.5 cents, or 5.1%, to 46.5 cents, while Trican Well Services dipped eight cents, or 4.9%, to $1.54.
Consumer staples moved up, especially North West Company, ahead 31 cents, or 1.1%, to $27.86, while Alimentation Couche-Tard traveled 67 cents, or 1.1%, to $60.70.
Information technology stocks also rose, especially Redknee Solutions, up seven cents, or 1.9%, to $3.79, while Constellation Software progressed in price $7.30, or 1.3%, to $588.00
On the economic calendar, Statistics Canada reported that inflation rose 1.3% in the 12 months leading to August, a rise identical to July. The consumer price index posted no change in August on a monthly basis, after rising 0.2% in July.
ON BAYSTREET
The TSX Venture Exchange shed 1.51 points to 549.81
Eight of the 14 TSX subgroups were lower by noon, with metals and mining slumping 4.4%, their cousins among global base metals slouching 2.6%, and energy down 2.1%.
The half-dozen gainers were driven north by consumer staples, up 0.7%, information technology, up 0.6%, and health-care, up 0.3%.
ON WALLSTREET
U.S. stocks declined Friday, pressured by concerns over the implications of the Federal Reserve's decision to leave short-term interest rates unchanged.
The Dow Jones industrial average dropped 226.75 points, or 1.4%, to 16,447.99, with Merck leading decliners and Procter & Gamble the only advancer.
The S&P 500 fell 18.12 points to 1,972.08, with energy leading all sectors lower.
The NASDAQ index slumped 32.44 points to 4,861.51
Analysts also noted Friday trading will likely see more volatility due to quadruple witching, the expiration of three related classes of options and futures contracts, as well as individual stock futures options.
On the data front, leading indicators for August rose 0.1%, below the expected 0.2% gain.
In the face of jittery financial markets and a global slowdown, the Federal Reserve held its key federal funds rate unchanged.
September was supposed to be the month the U.S. central bank finally came off its zero interest rate policy, but instead it opted to hold steady for at least one more month.
During a conference after the announcement, Federal Reserve Chair Janet Yellen stressed the path of the Fed's first rate hike in nearly a decade is more important than its timing.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.14% from Thursday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.53 a barrel to $45.37 U.S.
Gold prices moved up $19.30 to $1,136.30 U.S. an ounce.
