The roller-coaster behaviour displayed by stock markets throughout North America ended up on the downward side, as weakness in resource stocks counteracted gains in health-care and energy.
The TSX Composite Index faltered 318.71 points, or 2.6%, to end Friday and the week at 11,851.81, a weekly demise of 1,864 points, or 13.59%.
The Canadian dollar strengthened 0.42 cents at 69.38 cents U.S.
West Fraser Timber was among the big losers Friday, docking $4.36, or 14.8%, to $25.08, while First Quantum Minerals fell 93 cents, or 15%, to $5.22.
Among gold stocks, Alamos Gold fell $1.35, or 17.3%, to $6.46, while Oceanagold slipped 27 cents, or 17.7%, to $1.26.
Communications also took their lumps, with Quebecor fading $1.46, or 5.6%, to $27.76, while TELUS sank $1.18, or 5.2%, to $21.35.
Health-care stocks tried to salvage some dignity, with HEXO growing 14 cents, or 17.4%, to 95 cents, while Chartwell Retirement Residences acquired 94 cents, or 13.2% to $8.04.
Energy soared, with ShawCor up 38 cents, or 46.3%, to $1.20, and Secure Energy Systems gaining 14 cents, or 16.3%, to $1.00.
In real-estate, Killam Apartment REIT gaining $1.87, or 11.7%, to $17.91, while Summit Industrial REIT picked up 69 cents, or 9.8%, to $7.76.
On the economic beat, Statistics Canada said retail sales rose for the third consecutive month, up 0.4% to $52.0 billion in January.
The agency acknowledges, while the impacts of the coronavirus on the retail trade sector will be more noticeable in subsequent months, respondent comments for February note that business activities have been impacted.
ON BAYSTREET
The TSX Venture Exchange eked up 2.87 points to 356.54, for a weekly loss of 34.6 points, or 8.84% on the week.
Eight of the 12 TSX subgroups were negative at the closing bell, with materials slouching 6.8%, gold down 6.6%, and communications off 3.9%.
The four gainers were led by health-care, up 4.2%, energy, better by 2.7%, and real-estate, eking up 0.3%.
ON WALLSTREET
Stocks attempted to rally on Friday, but failed, concluding one of the most volatile weeks on Wall Street ever as investors grapple with mounting fears over the coronavirus’ economic blow.
The Dow Jones Industrials 913.21 points, or 4.6%, to 19,173.98.
The broader S&P 500 fell 104.47 points, or 4.3%, to 2,304.92.
The NASDAQ shed gains and lost 271.06 points, or 3.8%, to 6,879.52
Media reports circulated that Ronin Capital, a clearing firm at the CME Group, was unable to meet its capital requirements. The news weighed on stocks in the final two hours of trading because it was yet another sign of the pressure being put on some firms amid the sharp downturn in markets.
The Dow dropped more than 17% for the week, its biggest one-week fall since October 2008, when it slid 18.2%. The S&P 500 lost more than 13% week to date after dropping another 11.5% last week. The NASDAQ fell 12.6%.
Both the S&P 500 and NASDAQ also had their worst weekly performances since the financial crisis in 2008. The 30-stock Dow is now 35.2% below its all-time high level from February, while the S&P 500 is 32.1% below its high.
The Dow is down more than 24% for March and is currently on pace for its biggest one-month fall since September 1931. The S&P 500 has dropped 22% month to date and is headed for its worst monthly performance since May 1940.
Shares of 3M dragged the Dow lower, falling more than 9% along with Disney. The S&P 500 tech sector rolled over to close more than 4% lower as Microsoft fell 3.8%. Qualcomm, meanwhile, slid 6.3%.
The market’s early swings come on a “quadruple witching” options expiration day, which tend to add to market volatility. Friday’s moves also follow the major averages posting solid gains in a reprieve from from the relentless selling seen in the market this week.
One expert has said the outbreak will cost U.S. corporations up to $4 trillion, and “a lot of people are going to be broke.”
More than 14,000 cases of COVID-19 have been confirmed in the U.S. along with over 200 deaths, according to data from Johns Hopkins University. Globally, more than 245,000 cases have been confirmed.
Prices for the 10-Year U.S. Treasury gained sharply, lowering yields to 0.88% from Thursday’s 1.19%. Treasury prices and yields move in opposite directions.
Oil prices removed $2.38 to $23.53 U.S. a barrel.
Gold prices restocked $10.80 to $1,490.10 U.S. an ounce.
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