Canada's main stock index fell on Friday, with nearly every sector under pressure, while a surge in oil prices driven by Middle East tensions reignited inflation concerns.
The TSX lost 341.28 points or 1%, off its lows of the morning, to 33,268.09. On the week so far, the index has shed just over a thousand points, or 3.1%. The benchmark was on track to snap a four-week winning streak, having fallen 3.2% for the week so far.
In corporate news, pipeline operator South Bow said it has moved to revive parts of Keystone XL pipeline, a move that could boost Canada's crude exports to the U.S. by more than 12%.
Excavating firm Badger Infrastructure slumped $5.12, or 7.2%, to $65.63 after quarterly results, logging the biggest percentage decline on the index.
Among individual movers, shares of Algonquin Power plunged $1.17, or 12.4% to $8.27. The energy firm forecast fiscal 2027 profit below analysts' estimates.
Blockchain farm operator Bitfarms dropped 23 cents, or 7.6%, to $2.81, as bitcoin prices dipped more than 3%, while e-commerce firm Shopify fell $4.22, or 2.3%, to $180.04.
In matters economic, the IVEY Purchasing Managers Index sprang to 56 in February from rose to 50.9 January. February 2025's reading was 55.2.
ON BAYSTREET
The TSX Venture Exchange sank 2.01 points to 1,058.15, for a loss on the week so far of about 50 points, or 4.7%.
All but three of the 12 TSX subgroups were weaker by noon EST, as consumer discretionary stocks fell 2.6%, industrials were off 1.9%, and financials were poorer 1.8%.
The three gainers were energy, up 0.9%, information technology, better by 0.4%, and telecoms, just clearing breakeven.
ON WALLSTREET
Stocks fell Friday, adding to their weekly declines, as oil prices spiked and traders reacted to an unexpected drop in new U.S. jobs data.
The Dow Jones Industrials stumbled another 625.57 points, or 1.3%, to 47,329.17.
The S&P 500 index dived 78.38 points, or 1.2%, to 6,752.33.
Oil prices hit their highs of the day after President Donald Trump said in a Truth Social post that there won’t be a deal to end the U.S.-Iran war without an “unconditional surrender” from the Middle Eastern country.
The NASDAQ ditched 206.35 points to 22,542.34.
Non-farm payrolls fell by 92,000 in February, a sharp contrast from the downwardly revised January gain of 126,000 and far below the growth of 50,000 that economists polled by Dow Jones expected for the month. The unemployment rate also rose to 4.4% from 4.3%.
Qatar’s energy minister told The Financial Times that Gulf energy producers may need to call force majeure in the coming days, shutting down production in a move that could send oil to $150 a barrel. The conflict in the Middle East could “bring down the economies of the world,” he warned.
Shares of Royal Caribbean, which has fallen 14% this week amid increasing fuel costs, fell again on Friday, dropping 5%. Caterpillar shares, which have also suffered this week, were down 2%.
Retailer Walmart was marginally lower on fears that higher gas prices would hit consumers.
This week, the S&P 500 is on pace to shed more than 1%, while the 30-stock Dow has fallen 3%. The tech-heavy NASDAQ is tracking for a loss of 0.5%.
Prices for the 10-year Treasury recovered, lowering yields back to Thursday’s 4.13%. Treasury prices and yields move in opposite directions.
Oil prices climbed $9.28 to $90.29 U.S. a barrel.
Gold prices re-strengthened $70.60 to $5,149.30 U.S. an ounce.
