Equities in Canada’s largest centre stepped back on Friday, as a drop in oil prices weighed on the shares of energy companies, while the financials group also declined.
The S&P/TSX Composite lost ground 64.6 points to open Friday at 14,439.07.
The Canadian dollar pulled back 0.46 cents to 75.55 cents U.S.
Agrium Inc will attempt to convince reluctant shareholders next week in Toronto to support its proposed merger with Potash Corp of Saskatchewan Inc, and appease concerns that it has little to gain by marrying its fertilizer rival.
Agrium shares gained 37 cents to $118.29, while Potash moved forward 13 cents to $21.21.
Barclays cut the target price on Empire Company to $18.00 from $19.00, with an underweight rating.
Empire, the parent company of grocer Sobey’s, saw its shares dip 71 cents, or 3.6%, to $19.27.
National Bank Financial raised the target on Finning International to $23.00 from $20.00.
Finning shares jumped 76 cents, or 3.3%, to $24.06.
Desjardins cut the target price on Gluskin Sheff + Associates to $19.00 from $20.00 with a hold rating.
Gluskin shares dropped 30 cents, or 1.7%, to $16.93.
On the economic slate, Statistics Canada reported Friday that manufacturing sales edged up 0.1% in July to $50.7 billion. The agency reports higher sales in the food, petroleum and coal products, and primary metals industries were largely offset by a decrease in the production of aerospace product and parts, and by lower machinery sales.
StatsCan also said foreign investment in Canadian securities slowed for a fourth straight month to $5.2 billion in July. At the same time, Canadian investors continued to invest in foreign securities by adding $4.6 billion to their holdings.
ON BAYSTREET
The TSX Venture Exchange slid 3.59 points to 799.03
All but two of the 12 TSX subgroups stumbled in the first hour, as health-care faded 1.9%, while consumer staples skidded 0.9%, and energy was 0.6% less energetic.
ON WALLSTREET
U.S. stocks traded lower on Friday as investors digested key inflation data and looked ahead to next week's Federal Reserve meeting.
The Dow Jones Industrials lost 112.79 points to 18,099.69, with Goldman Sachs and IBM contributing the most to losses.
The S&P 500 dropped 14.48 points to 2,132.78, with energy and financials leading all sectors lower.
The NASDAQ Composite subtracted 29.89 points to 5,210.79
Bank stocks were also in focus on Friday as Deutsche Bank's U.S.-listed shares fell more than 9% after the U.S. Justice Department suggested the German banking giant pay $14 billion U.S. to settle a number of investigations related to mortgage securities.
U.S. consumer prices increased more than expected in August as rising rents and health care costs offset a drop in gasoline prices, pointing to a steady build-up of inflation that could allow the Federal Reserve to raise interest rates this year.
The U.S. Labor Department said on Friday its Consumer Price Index rose 0.2% last month after being unchanged in July. In the 12 months through August, the CPI increased 1.1% after advancing 0.8% in July.
Other data scheduled for release Friday include consumer sentiment, due out well before noon ET.
Prices for the 10-year Treasury moved higher, lowering yields to 1.69% from Thursday’s 1.71%. Treasury prices and yields move in opposite directions
Oil prices hesitated 96 cents at $42.95 U.S. a barrel
Gold prices fell $6.80 at $1,311.20 U.S. an ounce.
