Markets in Toronto fell on Friday, weighed down by Valeant Pharmaceuticals International Inc after it cut ties with a beleaguered pharmacy business, and by retreats in the heavyweight energy and financial sectors.
The S&P/TSX composite index floundered 157.85 points, or 1.1%, to stumble into noon hour at 13,634.03
The Canadian dollar recovered 0.45 cents at 76.40 cents U.S.
The most influential single weight on the index was Valeant, which fell 7% to $137.91 after it said it will sever ties with Philidor Rx Services in the wake of criticism over the relationship between the two closely associated companies.
The index is on track for a 1.8% decline on the week and a 3% gain for October.
The overall energy group retreated, with Husky Energy Inc down 7.5% to $18.75 after swinging to a quarterly loss on a writedown and impairment charge.
Barrick Gold advanced 1.2% to $10.43. The world's biggest gold producer said on Thursday it will increase its focus on productivity gains in 2016.
But the materials group, which includes miners, fell with fertilizer company Potash Corp down 3% at $26.50 a day after cutting its output and earnings forecast.
Financials retreated, with Royal Bank of Canada down 1.3% to $75.50.
On the economic slate, Statistics Canada reported that Gross Domestic Product edged up 0.1% in August, following increases of 0.4% in June and 0.3% in July. The agency mainly attributes growth in August to gains in manufacturing, mining, quarrying, and oil and gas extraction and retail trade.
ON BAYSTREET
The TSX Venture Exchange fell 0.63 points to 539.02
All but two of the 13 TSX subgroups remained negative midday, as health-care dipped 1.4%, utilities dropped 1.3%, and financials sank 1.1%
The two gainers were metals and mining, up 2.9%, while gold eked up 0.2%.
ON WALLSTREET
U.S. stocks traded in a range Friday, on pace to close out their best month in four years, amid more earnings and economic reports.
The Dow Jones industrial average docked 3.07 points to 17,752.73. Goldman Sachs was the greatest weight on the Dow.
The S&P 500 dropped 2.26 points to 2,087.15, with financials leading three sectors lower and utilities the greatest advancer.
The NASDAQ index eked up 0.36 points to 5,074.64
On the earnings front, AbbVie, Colgate-Palmolive and Exxon Mobil all reported before the bell.
Exxon Mobil reported quarterly results that beat on both the top and bottom line, but profit declined 47% as low oil prices weighed.
Chevron announced plans to cut its workforce by 6,000 to 7,000, while posting earnings that topped expectations.
The major averages are up nearly 9% or more for October, tracking for their best month since October 2011.
In economic news, personal income rose 0.1% in September, while personal consumption rose 0.1%.
The employment cost index rose 0.6% in the third quarter.
The Fed's preferred inflation measure, the personal consumption expenditures price index, slipped 0.1% in September. The decline marked the first drop since January.
The final read for October consumer sentiment came in at 90.0.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.16% from Thursday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices regained 13 cents a barrel to $46.19 U.S.
Gold prices slid $6.12 to $1,139.85 U.S. an ounce.
