Stocks in Toronto slipped from record highs on Friday, dragged by energy stocks, as a rise in coronavirus cases globally brought crude prices under pressure.
The TSX Composite Index slumped 82.98 points from Thursday’s all-time high to break for lunch Friday at 17,861.08.
The Canadian dollar recovered 0.27 cents to 75.68 cents U.S.
The largest percentage gainer on the TSX was Eldorado Gold which jumped $2.90, or 29%, to $12.90, after reporting quarterly profits in-line with expectations and forecasting a rise in annual production for subsequent years.
Altus Group rose $4.17, or 9.4%, to $48.61, after at least five brokerages raised price target on the stock after it reported fourth-quarter earnings.
Teck Resources fell $2.15, or 12.6%, the most on the TSX, to $14.94, as its quarterly profit plunged 76%. The second-biggest decliner was Hudbay Minerals, down 53 cents, or 12.2%, to $3.78, after reporting a quarterly loss.
On the economic beat, Statistics Canada said retail sales pretty much stayed put at $51.6 billion in December, after growing 1.1% in November.
The agency went on to say higher sales at building material and garden equipment and supplies dealers, as well as food and beverage stores were more than offset by lower sales at motor vehicle and parts dealers and gasoline stations.
ON BAYSTREET
The TSX Venture Exchange eked forward 1.29 points to 582.47.
Eight of the 12 TSX subgroups were lower midday, with information technology diving 1.6%, health-care and energy each sliding 1.5%.
The four gainers were led by gold, shining 3% brighter, while materials and utilities each advanced 0.3%.
ON WALLSTREET
Stocks fell sharply on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.
The Dow Jones Industrials tumbled 212.6 points, to move into noon hour at 29,007.38, and break below 29,000 for the first time since Feb. 10.
The S&P 500 slouched 27.24 points to 3,345.99.
The tech-heavy NASDAQ dropped 119.47 points, or 1.2%, to 9,631.49.
Friday’s losses put the major averages on pace for their first weekly losses in three weeks. The NASDAQ is down roughly 1.3% week to date. The Dow and S&P 500 are both down at least 1.3% for the week.
In corporate news, Deere shares popped more than 6% on quarterly earnings that beat analyst expectations. Dropbox soared more than 22% after posted a profit that topped estimates.
Microsoft and Nike fell more than 2% each to lead the Dow lower. The S&P 500 was pressured by a 1.9% drop in the tech sector. Facebook, Amazon, Netflix, Google-parent Alphabet and Apple all traded at least 0.7% lower to drag down the NASDAQ lower.
China’s National Health Commission reported more than 75,000 confirmed cases and over 2,000 deaths on the mainland. More than 800 new cases were reported in China overnight. South Korea reported 52 new cases on Thursday to take its total to 150.
IHS Markit also said activity in the U.S. services sector hit its lowest level in more than six years, noting confidence was "subdued" to the coronavirus.
Prices for the 10-Year U.S. Treasury gained sharply, lowering yields to 1.47% from Thursday’s 1.52%. Treasury prices and yields move in opposite directions.
Oil prices dropped 68 cents to $53.20 U.S. a barrel.
Gold prices hiked $21.70 to $1,642.20 U.S. an ounce.
