Markets in Toronto ended the week on a down note, as rises in gold prices were not able to overcome weakness in the oil patch.
The S&P/TSX Composite fell 39.71 points to close the day and the week at 15,575.81 — off its lows of the day. Even with the negative readings, the index was heading for a 0.6% gain on the week and was within striking distance of an all-time high hit in 2014.
The Canadian dollar plummeted 0.3 cents at 76.1 cents U.S.
Gold proved the strongest of the stocks Friday, as IAMGOLD spiked 10 cents, or 1.7%, to $5.86, while rival Goldcorp acquired 22 cents, or 1.1%, to $20.70.
Materials also fared well as Hudbay Minerals improved 35 cents, or 3.4%, to $10.57.
Energy stocks were down in the dumps Friday, however, as Baytex Energy slowed 18 cents, or 3.2%, to $5.45, and Encana Corporation dipped 52 cents, or 3%, to $17.09.
Health-care stocks also took their lumps, as Canopy Growth skidded eight cents to $9.92, while Valeant Pharmaceuticals suffered a 16-cent loss to close the week at $17.70.
ON BAYSTREET
The TSX Venture Exchange rocketed 8.1 points, or 1%, to 809.62
The 12 subgroups were split evenly between gainers and losers, as gold jumped 1.1%, information technology gained 0.8%, and materials picked up 0.2%
The half-dozen laggards were weighed most by energy, down 1%, real-estate, off 0.8%, and health-care, sliding 0.5%.
ON WALLSTREET
U.S. equities closed mixed on Friday after the initial fourth-quarter GDP read fell short of estimates, but managed to record weekly gains of around 1%.
The Dow Jones Industrials retreated 11.19 points from Thursday’s all-time high to 20,089.72, with Chevron leading decliners and Microsoft the biggest advancer.
The S&P 500 dropped 1.99 points to 2,294.69, with real-estate leading eight sectors lower and health care outperforming.
The NASDAQ nicked 5.61 points higher to 5,660.78
In corporate news, earnings season continued, with Colgate-Palmolive, American Airlines Group, AbbVie and General Dynamics all reporting before the bell. Tech giants Alphabet, Microsoft and Intel all reported after the close on Thursday.
President Donald Trump, who was sworn in last week, has signed a series of executive orders on matters ranging from immigration to infrastructure spending.
The president met Friday with U.K. Prime Minister Theresa May. In a news conference following the meeting, May said Ukraine-related sanctions on Russia should remain, while Trump said it is too early to tell.
Economically speaking, gross domestic product increased at a 1.9% annual rate, according to figures released Friday by the U.S. Commerce Department in its first estimate of fourth-quarter GDP. That was a sharp deceleration from the 3.5% growth pace logged in the third quarter.
Durable goods fell 0.4% in December, meanwhile. Consumer sentiment for January hit 98.5, above an estimate of 98.1.
Prices for the benchmark 10-year Treasury note were higher, lowering yields to 2.49% from Thursday’s 2.5%. Treasury prices and yields move in opposite directions.
Oil prices fell 67 cents to $53.11 U.S. a barrel
Gold prices moved into the green 20 cents to $1,190 U.S. an ounce.
