Canada's main stock index opened lower on Friday, led by a drop in energy companies, as oil prices fell on worsening outlook for global growth after a slump in China exports data.
The S&P/TSX Composite Index tumbled 139.74 points to open the week’s last session at 15,916.77
The Canadian dollar recovered 0.1 cents at 74.48 cents U.S.
MEG Energy reported a bigger-than-expected quarterly loss on Thursday, as the company sold its bitumen crude at lower prices because of transportation bottlenecks.
MEG shares backed up 35 cents, or 6.7%, to $4.91.
Barrick Gold Corp CEO Mark Bristow told the media Thursday his company is having "constructive" talks with rival Newmont Mining Corp about a possible joint venture in Nevada.
Barrick shares advanced 22 cents, or 1.3%, to $17.19.
Miners Yamana Gold, Glencore and Goldcorp said on Thursday they signed an agreement to develop and operate Yamana's Agua Rica gold and copper mine in Argentina using infrastructure and facilities of the three companies' existing venture in the country.
Yamana shares gained 11 cents, or 3.3%, to $3.43.
Goldcorp shares faded three cents to $14.22.
RBC cut the rating on Canadian Western Bank to sector perform from outperform. Canadian Western shares were off 56 cents, or 1.9%, to $28.77.
Canaccord Genuity cut the rating on Obsidian Energy to hold from speculative buy. Obsidian shares dipped 1.5 cents, or 3.7%, to 39.5 cents.
National Bank of Canada cut the rating on Paramount Resources to sector perform from outperform. Paramount shares plummeted 78 cents, or 9.7%, to $7.24.
On the economic calendar, Statistics Canada reported the economy created 56,000 jobs in February, driven by gains in full-time work. The unemployment rate was unchanged at 5.8% as the number of people searching for work held steady.
Also, Canada Mortgage and Housing Corporation said the trend in housing starts was 203,554 units in February, compared to 207,742 units in January.
ON BAYSTREET
The TSX Venture Exchange dropped 0.99 points to 614.22
All but two of the 12 TSX subgroups were lower in the first hour, as energy dwindled 3.5%, information technology dived 1.2%, and industrials weakened 0.9%.
Only gold, up 1%, and materials, stronger by 0.2%, stemmed the negative tide.
ON WALLSTREET
Stocks fell on Friday after the U.S. government released employment data that badly missed expectations, adding to growing concerns that the global economy may be slowing down.
The Dow Jones Industrial Average shed 180.14 points to 25,293.09, as Exxon Mobil and Chevron lagged.
The S&P 500 dipped 22.58 points to 2,726.35, as the energy and consumer discretionary sectors dipped.
The NASDAQ Composite stumbled 61.66 points to 7,359.80.
The U.S. economy added just 20,000 jobs last month, marking the weakest month of jobs creation since September 2017. Economists polled by Dow Jones expected a gain of 180,000.
Prices for the benchmark 10-year U.S. Treasury stayed put, keeping yields to at Thursday’s 2.64%.
Oil prices retreated $1.97 to $54.69 U.S. a barrel.
Gold prices gained $11.90 to $1,298 U.S. an ounce.
