Equities in Canada’s biggest market fell on Friday by the most in four months as financial and energy stocks plunged after Britain voted to leave the European Union, while the resulting market turmoil boosted gold miners as demand for the precious metal surged.
The S&P/TSX Composite tumbled 239.5 points, or 1.7%, to close the day and the week at 13,891.88
The Canadian dollar slumped 1.25 cents to 77.04 cents U.S.
Issues in the metals and mining sector took the brunt of the selloff, with First Quantum Minerals shedding 98 cents, or nearly 10%, to close at $8.85. Teck Resources saw its price slide 99 cents, or 6.1%, to $15.32.
Health-care stocks were also hurt, as Valeant Pharmaceuticals fell $1.98, or 7%, to $26.36, and rival Concordia Healthcare plunged $2.89, or 9.4%, to $27.80.
Among energy plays, Suncor gave back $1.35, or 3.7%, to $34.85, while Crescent Point Energy lost 69 cents, or 3.4%, to $19.87.
Gold, the standby safe-haven, climbed higher as Yamana Gold took on 46 cents, or 7.4%, to $6.64, while Iamgold leaped 42 cents, or 8.2%, to $5.55.
ON BAYSTREET
The TSX Venture Exchange squeezed up 0.57 points to finish the week at 710.79
All but three of the 13 subgroups finished in the red, as metals and mining faltered 6.8%, health-care suffered 4.1%, and energy dipped 3%.
The three gainers were gold, strengthening 7.6%, while materials were 3.2% better, and utilities gained of 0.9%.
ON WALLSTREET
U.S. stocks traded sharply lower Friday in a global risk-off trade after Britain surprised markets by voting to leave the European Union.
The Dow Jones Industrials tumbled 611.21 points, or 3.4%, to 17,399.86. Goldman Sachs led decliners.
The S&P 500 sank 76.02 points, or 3.6%, at 2,037.70. Financials dipped more than 5% as the greatest laggard.
The NASDAQ Composite Index went straight down 202.06 points, or 4.1%, to 4,707.98
The S&P 500 and Dow erased year-to-date gains and joined the NASDAQ in negative territory for 2016.
Investors went into more defensive areas of the market. The utilities sector was the only S&P 500 advancer, while the domestically-focused Wal-Mart and telecom firm Verizon were the only gainers in the Dow.
In economic news, durable goods orders fell a more-than-expected 2.2% in May. The University of Michigan June sentiment was 93.5.
The vote results released overnight showed the “leave” camp secured 51.9% versus 48.1% for Britain to remain in EU.
Prices for the 10-year Treasury skyrocketed, lowering yields to 1.57% from Thursday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil prices let go of $2.43 a barrel to $47.68 U.S.
Gold prices climbed $59.00 to $1,322.10 U.S. an ounce.
