Stocks in Canada’s biggest market slipped in early trade on Friday, with energy shares falling with crude after sources said the Organization of the Petroleum Exporting Countries had agreed to increase its output limit, while disappointing domestic jobs and trade data also weighing.
The S&P/TSX composite index sank 2.34 points to open Friday at 13,322.33
The Canadian dollar stepped back 0.07 cents to 74.82 cents U.S.
Enbridge expects to make a decision on whether to go ahead with its controversial Northern Gateway pipeline late next year, adding, though, it could not commit to a timeline.
Enbridge shares tunneled 97 cents, or 2.1%, to $44.85.
National Bank Financial raised the price target on CIBC to $100.00 from $99.00.
Commerce shares lost 69 cents to $97.89.
Raymond James raised the rating on First Quantum Minerals to strong buy from outperform. First Quantum shares docked 12 cents, or 2.4%, to $4.86.
CIBC raised the target price on TD Bank to $59.00 from $58.00.
TD shares trailed Thursday’s close by a penny to $54.29.
Experts say OPEC looked unlikely to take steps to cut oil production to lift languishing prices, potentially worsening one of the worst crude gluts in history.
Statistics Canada announced that the economy shed 36,000 jobs in November, most of them part-time jobs. The decline follows a similar-sized rise in October. The unemployment rate moved forward 0.1 percentage points to 7.1%.
Still on the economic beat, the agency also reported that Canada's exports decreased 1.8% and imports declined 0.8% in October. That means our merchandise trade deficit with the world widened from $2.3 billion in September to $2.8 billion in October.
Finally, Western University in London, Ontario reported that its Ivey Purchasing Managers Index stood at 63.6 in November, compared to 53.1 the month before, and 56.9 in November 2014.
The survey tracks purchasing managers of companies on whether their buys improved, fell back, or stayed static during the month. Any reading over 50 implies expansion.
ON BAYSTREET
The TSX Venture Exchange moved up 2.15 points to 513.87.
Nine of the 13 TSX subgroups were higher, as gold shone 2.7%, materials were greater by 1.3%, and utilities, surging 0.9%.
The four laggards were weighed most by energy, down 2.2%, metals and mining issues, sliding 1.5%, and industrials, off 0.8%
ON WALLSTREET
U.S. stocks jolted higher Friday, overcoming low oil prices, as investors hailed a solid jobs report.
The Dow Jones industrial average sprinted ahead 176.45 points, or 1%, to begin the week’s final session at 17,654.12, with Nike, Boeing and Home Depot contributing the most to gains.
The S&P 500 gained 16.54 points to 2,066.16. Energy declined more than 1.5% in the open as the only decliner in the 500. Consumer staples and utilities spiked most.
The NASDAQ index added 44.01 points to 5,081.54, Apple trading more than 1% higher.
November jobs report beat headline expectations with creation of 211,000 and showed an increase in wages and continued low unemployment, as expected. The number of jobs created in October and September were also revised higher.
Prices for the 10-year Treasury gained slightly, lowering yields to 2.30% from Thursday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices dipped 99 cents a barrel to $40.09 U.S.
Gold prices hiked $17.05 to $1,079.16 U.S. an ounce.
