TSX Falters at Opening, Taking Back Gains From Thursday

Energy Springs, Gold Sinks

Canada's main stock index opened lower on Friday, dragged down by weakness in gold miners as the precious metal was on course for its worst weekly decline in two months.

The TSX dropped 13.92 points at Friday’s opening at 17,337.42.

The Canadian dollar regained 0.22 cents to 77.02 cents U.S.

Barrick Gold dropped $1.17, or 3.9%, to $29.08, while Kirkland Lake Gold lost $1.02, or 1.9%, to $51.18.

On the other hand, energy stocks did gain some traction, as Cenovus Energy gathered 13 cents, or 1.9%, to $7.02, while Vermilion Energy sprinted 17 cents, or 3.1%, to $5.69.


The TSX Venture Exchange skidded 4.31 points to begin the week’s final session at 741.84.

Eight of the 12 TSX subgroups gained ground, led by energy, up 0.9%, while communications acquired 0.8%, and industrials added 0.5%.

The four laggards were weighed most by gold, losing 2.1%, materials, down 1.6%, and real-estate, off 1%.


Stocks rose on Friday as traders wrapped up a strong week amid decreasing political uncertainty and positive vaccine news.

The Dow Jones Industrials regained 73.31 points to open a shortened session at 29,945.78.

The S&P 500 recovered 12 points to 3,641.65,

The NASDAQ raced 120 points, or 1%, to 12,214.76.

U.S. markets were closed for the Thanksgiving holiday on Thursday. Friday’s session will close at 1 p.m. EST.

The Dow, S&P 500 and NASDAQ were all up at least 2% for the week entering Friday’s session. Earlier in the week, the Dow jumped to an all-time high, breaking above 30,000 for the first time. The S&P 500 also notched a record closing high this week.

Stocks came into Friday’s session riding high in November thanks in part to a slew of positive coronavirus vaccine trial data.

Earlier this month, Pfizer and BioNTech said their vaccine was more than 90% effective. Moderna also said its drug was highly effective in a trial.

That data helped push the Dow up 12.8% in November, putting it on track for its biggest monthly gain since January 1987. The S&P 500 and NASDAQ came into the day up 11% and 10.8%, respectively, in November. Meanwhile, the small-cap Russell 2000 is on track for its best month ever, up nearly 20%.

Retailers led the early gains as investors bet on strong Black Friday sales. Amazon shares advanced 0.8%. Gap gained 0.8%. Shopify advanced 0.7%, and Walmart rose 0.4%.

Also helping sentiment were comments from President Donald Trump, who said he would leave the White House if the Electoral College votes for President-elect Joe Biden.

Prices for the 10-Year Treasury regained lost ground, lowering yields to 0.85% from Wednesday’s 0.89%. Treasury prices and yields move in opposite directions.

Oil prices dropped 51 cents to $45.20 U.S. a barrel.

Gold prices slumped $29.10 to $1,782.10 U.S.