Equities in Canada’s biggest market slumped badly in early trade on Friday, weighed down by falling energy shares as crude prices ducked under $30.00 U.S. a barrel and by a broad retreat by banks and consumer names amid economic uncertainty.
The S&P/TSX composite index tumbled 269.64 points, or 2.2%, to begin Friday trading at 12,066.09
The Canadian dollar hesitated 0.39 cents to 69.20 cents U.S.
Among financials, Manulife Financial capsized 3.8% to $18.13, while RBC tumbled 2.9% to $67.70.
Energy plays went south, too, as Crescent Point Energy falling 3.4% to $13.48, and EnCana Corporation stumbled 3.2% to $5.73.
Health-care stocks were on the sick list, as well, as Valeant Pharmaceuticals hesitated $3.85, or 3%, to $125.40.
On the economic slate, the Canadian Real Estate Association reported that national home sales edged back by 0.6% from November to December.
CREA also stated that actual (not seasonally-adjusted) activity was up 10% from December 2014. The association concludes that the number of newly listed homes rose 2.2% from November to December.
ON BAYSTREET
The TSX Venture Exchange dropped 3.27 points to 492.10.
All but two of the 13 TSX subgroups were lower, as metals and mining slid 5.1%, energy docked 3.9%, and health-care, off 3.3%.
The two gainers were gold, up 3.4%, and materials, up 0.4%.
ON WALLSTREET
U.S. stocks traded sharply lower Friday after a slew of disappointing U.S. data, a fresh plunge in oil to below $30.00 U.S. a barrel and a selloff in Chinese stocks that added to mounting concerns about slowing global growth.
The Dow Jones industrial average regressed 372.04 points, or 2.3%, to 16,006.98, with Intel leading all member stocks lower.
The S&P 500 slid 38.91 points, or 2%, to 1,882.93. Financials led decliners in the S&P 500 as the major averages held about 2% lower.
The NASDAQ index gave back 122.66 points, or 2.7%, to 4,492.34.
On the economic front, retail sales stateside declined 0.1% in December. Ex-autos, retail sales also fell 0.1%.
The January Empire manufacturing was minus 19.4.
Wholesale inflation, in the form of the producer price index fell 0.2% in December after rising 0.3% in November.
Industrial production for December fell 0.4% Capacity utilization was 76.5%.
Consumer sentiment and business inventories were set to come out at 10:00 a.m. ET Friday also marks an options expiration day that could bring more volatility.
Prices for the 10-year Treasury bolted higher, lowering yields to 2.01% from Thursday’s 2.09%. Treasury prices and yields move in opposite directions.
Oil prices hurtled earthward $1.32 a barrel to $29.68 U.S.
Gold prices recovered $14.79 to $1,093.17 U.S. an ounce.
