Stocks in Canada’s biggest market fell on Friday as slumping oil prices pressured energy shares, while the country's heavyweight financial services group also lost ground after bond yields fell on slower U.S. jobs growth.
The S&P/TSX Composite Index ditched 21.64 points – after a triple-digit gain on Thursday -- to open Friday’s session at 15,448.27
The Canadian dollar stepped back 0.03 cents at 73.99 cents U.S.
Canada Goose, which went public in March, reported a bigger fourth-quarter loss as expenses rose.
Goose shares flew $2.35, or 9.3%, to $27.55.
Athletic apparel maker Lululemon Athletica Inc on Thursday said it would close most of its money-losing Ivivva girls stores and boost investment in its online business as it reported quarterly profit that beat analysts' forecasts.
Lululemon galloped $6.56, or 13.5%, in New York, to $55.23 U.S.
Canadian auto sales hit a record high in May, with General Motors and Ford on Thursday reporting double-digit increases, fueled by demand for crossovers and light trucks.
CIBC raised the rating on Canadian Western Bank to outperform from neutral. Western shares gained 38 cents, or 1.5%, to $25.54.
Desjardins raised the rating on Saputo to buy from hold. Saputo picked up 70 cents, or 1.6%, to $44.07.
CIBC raised the target price on BRP to $42.00 from $34.00. BRP shares dipped three cents to $37.00
On the economic front, Statistics Canada reported that our trade balance with the rest of the world narrowed to a $370 million deficit in April. The agency reports exports rose 1.8% while imports were up 0.6%.
ON BAYSTREET
The TSX Venture Exchange gained 1.68 points to 802.13
Seven of the 12 TSX subgroups were positive in the day’s first hour, as gold soared 1.6%, materials strengthened 0.5%, and consumer staples moved up 0.4%.
The five laggards were weighed by energy, down 1.4%, health-care slid 0.5%, and industrials dropped 0.1%.
ON WALLSTREET
U.S. equities kicked off Friday's session slightly higher as Wall Street parsed through a jobs report that came in well below expectations.
The Dow Jones Industrials acquired 13.42 points to 21,157.60, with 3M contributing the most gains.
The S&P 500 nosed higher 0.43 points to 2,430.49, an all-time high, as a 0.8% fall in financials capped gains.
The NASDAQ jumped 15.76 points to 6,262.59, also a new record.
The U.S. Labor Department said 138,000 jobs were created last month, well below the expected 185,000. Wages also grew less than expected, with average hourly earnings rising at a 2.5% annualized rate. The unemployment rate, however, fell to 4.3% from 4.4%.
Investors eagerly awaited the report as it is one of the last major data sets released before the Federal Reserve holds its June monetary policy meeting. Experts now say market expectations for a rate hike are near 94%.
Prices for the benchmark 10-year Treasury note spiked, lowering yields to 2.17% from Thursday’s 2.22%. Treasury prices and yields move in opposite directions.
Oil prices dropped 74 cents to $47.62 U.S. a barrel
Gold prices recovered $7.30 at $1,277.40 U.S. an ounce.
