Equities in Toronto fell at the open on Friday, with energy stocks off sharply on lower crude prices, as the broader market echoed a global retreat influenced by weak German trade data.
The S&P/TSX Composite tumbled 132.23 points to open Friday at 14,671.03
The Canadian dollar dropped 0.6 cents at 76.7 cents U.S.
Barclays raised the target price on Descartes Systems to $31 from $30.00 with an overweight rating.
Descartes took a hit of 31 cents a share, or 1.1%. to $27.59.
CIBC cut the target price on North West Co. to $30.00 from $32.00. North West shares lost 36 cents, or 1.3%, to $27.64.
Canaccord Genuity raised the price target on Yamana Gold to $10.50 from $10.00 with a buy rating. Yamana shares let go of 24 cents, or 3.9%, to $5.84.
German exports fell sharply in July, shrinking the overall trade surplus for the fourth consecutive month - something not seen since 1992 - and casting doubt on the strength of the euro-zone's largest economy.
On the domestic economic front, Statistics Canada reported that the economy created 26,000 jobs during August. The unemployment rate rose 0.1 percentage points to 7.0%, as more people participated in the labour market.
Moreover, Canada Mortgage and Housing Corporation revealed that housing starts declined to 195,640 units in August compared to 201,379 in July.
ON BAYSTREET
The TSX Venture Exchange surrendered 3.29 points to 822.31
All 12 TSX subgroups were negative in the first hour, as gold jettisoned 2.2%, materials lost 2%, and energy faltered 1.6%.
ON WALLSTREET
Equities south of the border traded lower on Friday as concerns the U.S. Federal Reserve might raise interest rates this month loomed following a speech made by a Fed official, while eyeing falling oil prices.
The Dow Jones Industrials fell 140.39 points to 18,339.52, with Boeing contributing the most losses.
The S&P 500 skidded 20.04 points to 2,161.26, with utilities shedding more than 2%.
The NASDAQ Composite slid 43.46 points to 5,216.03
Boston Fed President Eric Rosengren said in a speech low interest rates are increasing the chance of overheating the U.S. economy. He also said gradually tightening monetary policy is appropriate to maintaining full employment.
Wholesale trade data for July showed inventories remained unchanged, while sales fell 0.4%.
Prices for the 10-year Treasury fell sharply, boosting yields to 1.66% from Thursday’s 1.61%. Treasury prices and yields move in opposite directions.
Oil prices moved lower $1.17 at $46.45 U.S. a barrel
Gold prices lost $5.80 at $1,335.80 U.S. an ounce.
