Equities in Canada’s largest markets remained negative for a second day, with oil prices plunging nearly 3% after weak China trade data and U.S. jobs growth report sparked fears of slowing global growth.
The S&P/TSX Composite Index dropped 60.3 points to end Friday and the week at 15,996.21
The Canadian dollar recovered 0.21 cents at 74.59 cents U.S.
Energy stocks proved the biggest weight on the market, with MEG Energy, down 23 cents, or 4.3%, to $5.03, while Suncor dawdled $1.05, or 2.3%, to $43.81.
Consumer staples were also roughed up, with Saputo falling back 31 cents to $44.51, while Metro dropped 11 cents to $49.29.
In the industrial sector, Bombardier removed five cents, or 1.7%, to $2.83, while Canadian Pacific Railway dived 82 cents to $274.68.
Among the largest percentage gainers on the TSX was Yamana Gold, which jumped 25 cents, or 7.5%, to $3.57, followed by a rise of 26 cents or 6.1%, in Kinross Gold to $4.50.
Among materials, Agnico Eagle Mines climbed $1.55, or 2.7%, to $58.54. KP Tissue nosed ahead two cents to $8.69.
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 regained 2.87 points to 618.08
All but two of the 12 TSX subgroups were lower on the day, as energy dwindled 2.3%, while consumer staples and industrials each weakened 0.8%
Only gold, up 2.7%, and materials, stronger by 1.2%, were positive performers.
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 remained negative 22.99 points to end a tumultuous week at 25,450.24, as Exxon Mobil and Pfizer lagged.
The S&P 500 dipped 5.86 points to 2,743.07, as the energy and consumer discretionary sectors declined.
The NASDAQ Composite came off its lows of the day to finish 13.32 points shy of Thursday’s close at 7,408.14.
The indexes also posted their biggest weekly declines of the year. The major indexes all dropped more than 2% this week. The NASDAQ snapped a 10-week winning streak, while the Dow notched its second weekly decline of the year.
The weekly decline comes amid growing fears that most of the positive news on the U.S.-China trade front may be baked in. At this point, most investors expect the two countries to strike a trade deal later this month. There are also worries that a deal may not be sure thing.
Some media outlets learned that China and the U.S. have talked about holding further discussions in Beijing after the National People's Congress concludes on March 15.
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 grew slightly, lowering yields to 2.63% from Thursday’s 2.64%. Treasury prices and yields move in opposite directions
Oil prices retreated 54 cents to $56.12 U.S. a barrel.
Gold prices gained $14.30 to $1,300.40 U.S. an ounce.
