Stocks in Canada’s largest centre waned by Friday’s closing bell, as financial shares and energy producers declined with the price of crude, after U.S. retail data jumped the most in a year and spurred bets on higher interest rates.
The S&P/TSX Composite Index shed 39.22 points to finish the day and the week at 13,748.58, trimming a weekly gain to about 0.3%.
The Canadian dollar gave back 0.56 cents to 77.29 cents U.S.
Financial services stocks slipped, led by a 1.9% decrease in Manulife Financial, which skidded 35 cents, to $17.90. Onex Corp., Canada’s largest buyout firm, tumbled $3.83, or 4.8%, the most in more than two months, to $76.33, after reporting a wider first-quarter loss than analysts had forecast.
Hudson’s Bay Co. sank $1.10, or 7%, to a three-year low of $14.71, after reporting same-store sales results for its first quarter, ahead of full financial results on June 9. Eliminating foreign exchange swings, same-store sales decreased 1%, including a 5.7% drop at its Saks Fifth Avenue unit.
Meanwhile Kinross Gold Corp. and Eldorado Gold Corp. maintained gains as raw-materials producers advanced. Kinross advanced 16 cents, or 2.5%, to $6.69, while Eldorado took on 25 cents, or 4.1%, to $6.33.
Concordia Healthcare Corp. surged $4.30, or 14.5%, to $33.89, after the drugmaker confirmed it is working with Greenhill & Co. considering strategic options for the company. Concordia earlier reported first-quarter earnings short of estimates. The stock has slumped 41% this year, among the worst-performing in the S&P/TSX this year.
Canadian Tire Corp. lost $4.25, or 2.9%, to $141.12, after analysts at Credit Suisse Group AG lowered their rating for the stock to the equivalent of a sell, as the stock has become expensive. The retailer has jumped 22% this year, trading at a record Thursday after posting first-quarter earnings ahead of expectations.
ON BAYSTREET
The TSX Venture Exchange grew 6.09 points to 679.68
Nine of the 13 TSX subgroups lost out on the day, with metals and mining capsizing 1.9%, industrials lurching lower 1%, and consumer discretionary stocks giving back 0.9% of their strength.
The four gainers were led by health-care, haler by 2.1%, gold, up 1.6%, and consumer staples, ahead 0.6%.
ON WALLSTREET
U.S. stocks closed lower Friday, with the Dow Jones industrial average and S&P 500 closing below their 50-day moving averages and posting their first three-week losing streak since January.
The Dow hurtled lower 185.18 points, or 1%, to 17,535.32, with Goldman Sachs, Boeing, 3M and Wal-Mart contributing the most to declines.
The S&P 500 fell 17.01 points to 2,047.10. Consumer discretionary stocks fell more than 1% in afternoon trade to erase year-to-date gains and joining tech, health-care and financials as the only S&P sectors in the red for the year so far. Utilities proved the top sector performer year-to-date, with gains of more than 13%.
The NASDAQ Composite sank 19.66 points to 4,717.68
The major U.S. indexes were tracking for a weekly decline of 0.5% or more
Shares of Apple gave up intraday gains of more than 1% to hold flat in afternoon trade, after falling sharply Thursday to close at its lowest since June 2014.
In U.S. economic news, the producer price index rose 0.2% in April. The preliminary read on May consumer sentiment rose to 95.8. Business inventories rose a more-than-expected 0.4% in March.
April retail sales rose 1.3%, topping expectations. Over the past 12 months, total retail sales rose 3%.
Prices for the 10-year Treasury gained, docking yields to 1.7% from Thursday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices stayed negative 51 cents a barrel to $46.19 U.S.
Gold prices charged higher $10.37 to $1,274.05 U.S. an ounce.
