Equities in Canada’s biggest market fell on Friday as financial stocks dipped, offsetting gains for the energy group after the rally in crude oil prices was extended.
The S&P/TSX Composite Index opened Friday down 16.07 points to 13,605.23
The Canadian dollar gained 0.17 cents to 77.18 cents U.S.
BRP Inc, the maker of Ski-Doo snowmobiles and Sea-Doo watercraft, swung to a quarterly loss, hurt by a $70-million impairment charge on its outboard engine assets.
BRP shares took on $1.94, or 12.1%, to $18.01.
Paramount Resources agreed on Thursday to sell a natural gas processing complex in the Montney shale formation in Alberta to Pembina Pipeline Corp for $556 million in cash.
Paramount shares moved backward 88 cents, or 8.9%, to $8.72.
Dundee raised the target price on Silver Wheaton to $28.00 from $25.00. Silver Wheaton shares gained 14 cents to $18.74.
On the economic slate, Statistics Canada reported that the Consumer Price Index rose 1.4% in the 12 months to February, after increasing 2.0% in January. Monthly inflation dropped 0.2% in February, following a 0.2% increase in January.
Retail sales rose 2.1% to $44.2 billion in January, led by five sub-sectors that rebounded from lower sales in December. Gains were reported in seven of 11 sub-sectors, representing 82% of total retail sales.
ON BAYSTREET
The TSX Venture Exchange gained 0.29 points to 579.49
Seven of the 13 TSX subgroups were lower in the first hour, with consumer staples down 0.7%, telecoms sliding 0.6%, and information technology slumping 0.5%
The half-dozen gainers were led by metals and mining, climbing 1.7%, industrials, adding 0.5%, and energy, up 0.4%.
ON WALLSTREET
U.S. stocks traded mostly higher Friday, extending a recent rally as oil prices rose and the dollar weakened following the Federal Reserve's more accommodative policy decision earlier in the week.
The Dow Jones Industrials tacked on 99 points to 17,580.49. Goldman Sachs and JPMorgan Chase were among the top contributors to gains on the Dow
The S&P 500 gained 6.29 points to 2,046.88, trading in positive territory for 2016 with financials rising more than 1% in morning trade to lead nearly all sectors higher
The NASDAQ index added 6.32 points to 4,781.30, as Microsoft, Amazon, and Apple declined. Adobe traded higher after giving guidance and quarterly earnings that topped expectations.
In economic news, the preliminary March read on consumer sentiment was 90.0, down from 91.7 in February.
Prices for the 10-year Treasury gained slightly, lowering yields to 1.89% from Thursday’s 1.9%. Treasury prices and yields move in opposite directions.
Oil prices gained 75 cents a barrel to $40.95 U.S.
Gold prices shed $6.10 to $1,251.87 U.S. an ounce.
