Equity indices in Toronto showed promise in the early going Friday, but still lost strength by the end of the session and the week, as inflation jitters made their presence known and wouldn’t go away.
The TSX Composite Index skidded 11.65 points Friday to conclude a very rough week at 19,779.97. On the week, the index took a pasting of 842 points, or 4.1%.
The Canadian dollar shed 0.2 cents at 74.17 cents U.S.
Stelco Holdings was up 50 cents, or 1.4%, to $37.65 after Bloomberg News reported that Canada's biggest steelmaker is pursuing a bid for U.S. Steel Corp.
Real-estate issues were chief among the losing subgroups, as units of Allied Properties REIT folded 33 cents, or 1.7%, to $19.22, while Northwest Health-care Properties REIT units slid eight cents, or 1.3%, to $6.09.
Health-care stocks also took some knocks, as Bausch Health Companies faltered 25 cents, or 2.2%, to $11.07, while Chartwell Retirement Residences removed three cents to $10.47.
In materials, MAG Silver bowed 27 cents, or 1.9%, to $14.31, while First Quantum Minerals swooned 53 cents, or 1.6%, to $32.16.
Utilities proved the standard-bearer among gainers, as Superior Plus proved just that, gaining 22 cents, or 2.1%, to $10.79, while AltaGas hiked 47 cents, or 1.8%, to $27.00.
In communications, TELUS grabbed 27 cents, or 1.2%, to $22.92, while Quebecor took on 13 cents to $29.64.
Industrials were also in plus territory, with ATS Corp. striding $2.08, or 3.6%, to $59.65, while TFI International shares hiked $3.02, or 1.7%, to $17.56.
On the economic beat, Statistics Canada reports retail trade increased 0.3% to $66.1 billion in July, while the New Housing Price Index edged up by 0.1% month over month in August. Prices were unchanged in 16 of the 27 census metropolitan areas (CMAs) surveyed, up in five and down in six CMAs.
ON BAYSTREET
The TSX Venture Exchange picked up 1.5 points to close Friday and the week at 570.09, but lost 20.7 points on the week. or 3.5%.
Seven of the 12 TSX subgroups lost ground, particularly real-estate, off 0.6%, health-care, 0.4% off the pace, and materials, lower by 0.3%.
The five gainers were led by utilities, heading higher 0.7%, communications, up 0.5%, and industrials, better by 0.3%.
ON WALLSTREET
Stocks retreated on Friday afternoon as the market neared the end of a rough week with steep losses.
The Dow Jones Industrials continued its negative trend, losing 106.11 points Friday to 33,964.31.
The S&P 500 faded 9.95 points to 4,320.05.
The NASDAQ index dipped 12.18 points to 13,211.81.
Ford climbed 1.9% after reports that the auto giant was making progress in negotiations with the striking United Auto Workers union. Stellantis also traded higher, while General Motors was near flat.
Those moves came after a three-day losing streak for the major averages. The losses came as investors reacted to a signal from the Federal Reserve that it intended to keep interest rates higher for longer.
The S&P 500 slumped 2.8% and the technology-heavy NASDAQ Composite dropped 3.5% this week. It marks the third straight negative week and worst weekly performance since March for each. The blue-chip Dow slid 1.8% on the week.
Investors also became concerned about a government shutdown, which could dent consumer confidence and slow down the economy further. House Republican leaders sent the chamber into recess on Thursday.
Prices for the 10-year Treasury gained ground, lowering yields to 4.43% from Thursday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices moved back up 73 cents to $90.36 U.S. a barrel.
Gold prices jumped $5.60 to $1,945.20 U.S. an ounce.
