(CONTAINS MORE UP-TO-DATE CLOSING FIGURES)
Stock markets in Toronto faded by Friday's close, giving up hefty gains from earlier in tHe week.
The TSX dumped 166.16 points, to close Friday at 31,311.41, dipping down on the week by more than 87 points, or 0.26%.
The Canadian dollar recovered 0.68 at 72.31 cents U.S.
Laurentian Bank’s profits for the fourth quarter missed analyst estimates. The lender’s stocks began Friday down four cents to $39.86.
Orla Mining's shares declined $2.13, or 11.1%, to $17.10, after Fairfax Financial Holdings sold 25 million shares of the miner. Fairfax shares dropped $61.56, or 2.6%, to $2,321.37.
Elsewhere in financials, TD sprang up $2.11, or 1.8%, to $122.20.
Health-care proved the greatest anchor on the market, as Bausch Health Companies sank 71 cents, or 6.9%, to $9.61, while units of Chartwell Retirement Residences shed 11 cents to $19.90.
Gold also got tarnished, with Wesdome Gold shaking off 64 cents, or 2.9%, to $21.46, while Seabridge Gold gave back $1.44, or 3.4%, to $41.35.
In materials, Agnico-Eagle Mints blundered $5.92, or 2.5%, to $233.57, while Ivanhoe Mines dipped 36 cents, or 2.4%, to $14.72.
Consumer discretionary tried to restore some balance, as Aritzia shares zoomed $1.77, or 1.5%, to $112.99, while Restaurant Brands International progressed $1.23, or 1.2%, to $101.59.
Financials moved upward On the economic beat, Statistics Canada says the economy created 54,000 jobs in November, driven by gains in part-time work. The unemployment rate fell 0.4 percentage points to 6.5%.
The Bank of Canada is expected to hold interest rates at 2.25% next week. The BoC has cut rates by one percentage point since the start of the year, and signaled a halt in rate cuts in October, citing stable inflation.
ON BAYSTREET
The TSX Venture Exchanged retreated 8.78 points to 939.76. This week, the index sagged 2.42 points, however, or 0.26%.
All but two of the 12 TSX subgroups had turned negative by the close, with health-care slipping 1.5%, gold off 1.4%, and materials down 1.2%,
The two gainers proved to be consumer discretionary stocks, better by 0.5%, and financials, nicking ahead 0.1%.
ON WALLSTREET
The S&P 500 edged higher on Friday, on pace for its fourth straight winning day, as traders digested inflation data that could provide further incentive for the Federal Reserve to lower interest rates next week
The Dow Jones Industrials hiked 104.05 points to end the day at 47,954.99.
The much-broader index gathered 13.28 points to 6,870.40.
The NASDAQ soared 72.99 points to 23,578.13.
Stocks are tracking to post gains for the week. The S&P 500 is up 0.4% week to date, while the NASDAQ is up almost 1% and the 30-stock Dow has added about 0.6%.
During Friday’s trading session, Netflix shares seesawed after initially seeing sizable losses earlier in the day following the company’s announcement that it struck a deal with Warner Bros. Discovery to buy its film and streaming assets for $72 billion — a transaction that’s expected to close in 12 to 18 months. Netflix shares were last 2% lower, while shares of WBD jumped 5%.
The market sorted through a fresh slate of economic releases Friday. The Commerce Department reported that the core personal consumption expenditures price index for September – which was delayed due to the record-setting U.S. government shutdown – was 2.8%, lower than the 2.9% Dow Jones estimate.
The PCE report, which serves as the Fed’s primary inflation gauge, and will give the central bank its final inflation view before Wednesday’s interest rate vote.
Also on Friday, the University of Michigan’s consumer survey, a report that provides a glimpse at sentiment as well as the view on inflation over the near and longer term, came in higher than expected for December.
The 10-year Treasury weakened, raising yields to 4.14% from Thursday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices gained 45 cents to $60.12
Gold prices faded $11.90 to $4,231.10.
