Highlights:
- Stocks Limp Home
- Energy Prices Lurch Downward
- Stocks in Toronto tumbled Friday to end what’s been a forgettable week, marked by ever-lower energy prices.The S&P/TSX Composite dropped 74.17 points to close the day and the week at 14,509.25. The index was on track for at least a 1.8% decline on the week.
- The Canadian dollar retreated 0.03 cents to 74.61 cents U.S.
- Energy stocks fared the worst, as Crescent Point Energy fell 48 cents, or 3.1%, to $15.01, while Suncor drifted lower 42 cents, or 1.1%, to $39.13.
- Materials also swooned, as Teck Resources gave back seven cents to $28.16.
- Utilities proved one of only two gaining groups as Fortis Inc. added 57 cents, or 1.3%, to $43.35, while Enbridge grew 28 cents to $55.24.
- Real-estate issues also gained, most notably, Granite Real Estate Investment Trust, up $1.40, or 3.3%, to $44.49.
- On the economic slate, Statistics Canada reported that the economy created 44,000 jobs in October, bringing the unemployment rate to 7%, as more people participated in the labour market.
- What’s more, the agency reported that Canada’s imports rose 4.7% to a record $47.6 billion in September. Exports edged up 0.1% to $43.5 billion.
- As a result, Canada’s merchandise trade deficit with the world widened from $2 billion in August to a record $4.1 billion in September.
- Western University’s Ivey School of Business reported its Purchasing Managers’ Index registered 59.7 in October, compared to 58.4 in September, and 53.1 in October 2015
(Remember also that the clocks turn back on the weekend, as much of the nation returns to Standard Time).
ON BAYSTREET:
- The TSX Venture Exchange was up 1.02 points to end Friday at 761.98.
- All but two of the 12 TSX subgroups remained lower, with energy trailing 1.1%, materials off 0.8%, and consumer discretionary issues off 0.7%.
- The two gainers were utilities, up 0.9%, and real-estate, ahead 0.7%.
ON WALLSTREET:
- U.S. equities closed lower on Friday after the release of key employment data while investors braced themselves for the election next week.
- The Dow Jones Industrials finished a seesaw day down 42.39 points to 17,888.28, with Procter & Gamble leading decliners and Caterpillar the top advancer.
- The S&P 500 finished off 3.48 points at 2,085.18, extending its losing streak to eight straight sessions – the longest in 36 years — with health-care rising more than 1% to lead advancers and consumer staples leading decliners.
- The NASDAQ composite index faded 12.04 points to 5,046.37
- Jobs in the U.S. grew by 161,000 last month, while economists expected an increase of 175,000. The unemployment rate stood at 4.9%—in line with expectations —as investors got to digest the final payrolls report before Tuesday’s presidential election.
- But the bigger number in the report could be wages, with average hourly earnings climbing 10 cents and reflecting a 2.8% annualized increase, according to the report from the U.S. Bureau of Labor Statistics.
- On the election front, the race between Republican Donald Trump and his Democratic counterpart, Hillary Clinton, has become tighter since last week, when the FBI said it was investigating new emails related to Clinton.
- According to sources, the average spread between Clinton and Trump is now just 1.7 points in a four-way race, down from about five points last week.
- Prices for the 10-year Treasury strengthened, lowering yields to 1.77% from Thursday’s 1.81%. Treasury prices and yields move in opposite directions.
- Oil prices sank 55 cents to $44.11 U.S. a barrel
- Gold prices recovered $2.20 to $1,305.50 U.S. an ounce.
Market updates provided by baystreet.ca
