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S&P/TSX Composite Index

16,326.70 real time data change up
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Change: 27.82 (0.17%)

S&P/TSX Venture Composite Index

884.96 real time data change down
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Change: -3.31 (-0.37%)
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12:07 PM EST, December 29, 2017
Toronto Stocks Dip with Financial, Resource Stocks

Canada's main stock index turned lower in early trade on Friday, with materials stocks, tech and consumer discretionary companies slipping.

The S&P/TSX Composite Index retreated 52.92 points from Thursday's record close to begin the year's final session at 16,169.03

The Canadian dollar inched up 0.04 cents to 79.62 cents U.S.

Health-care stocks proved the only positive group as the day began, with Canopy Growth showing growth of $1.51, or 5%, to $31.92, while Aphria, its rival for a bigger piece of the cannabis sales pie, climbed 91 cents, or 5.1%, to $18.91.

Everything else looked something of a mess, particularly materials, as First Quantum Minerals dove 48 cents, or 2.7%, to $17.44, while Agnico Eagle Mines lost 29 cents to $57.91.

In the consumer discretionary field, Magna International dipped 42 cents to $71.43, while Gildan Activewear trailed Thursday's close by 20 cents to $40.63.

Among tech concerns, BlackBerry doffed 14 cents, or nearly 1%, to $14.11

ON BAYSTREET

The TSX Venture Exchange continued its journey skyward, climbing 8.3 points, or 1%, to 850.54

All but one of the 12 TSX subgroups were in the red to begin Friday, with materials sinking 0.5%, consumer discretionary and information technology stocks each down 0.4%.

Only health-care held out, gaining 1.8%

ON WALLSTREET

U.S. stocks struggled for gains Friday, the last trading day of the year, with the S&P 500 on pace for its best year since 2013.

The Dow Jones Industrial Average eased off 10.73 points to open the session at 24,826.78,

The S&P 500 docked 0.74 points to 2,686.80. Utilities led advancers. The S&P has gained 20% this year, with technology and consumer discretionary the top two performers for the year. Only energy and telecommunications have declined this year.

The NASDAQ composite index deleted 9.01 points to 6,941.15. Apple and Amazon.com traded more than 0.5% lower.

Goldman Sachs briefly fell more than 0.7% as the greatest negative impact in the Dow after a filing with the U.S. Securities and Exchange Commission said the financial giant expects fourth-quarter earnings to decrease by about $5 billion, primarily due to repatriation provisions in the new U.S. tax law President Donald Trump signed last week.

The bill cuts the corporate tax rate to 21% from 35%.

The Dow and S&P 500 posted five straight weeks of gains last week after President Donald Trump on Friday signed the tax measure, able to do so after Congress approved another bill to keep the federal government funded through Jan. 19.

The Dow closed at a record Thursday for the 71st time this year and was on pace for slight weekly gains. The last time the Dow rose in each of the final six full weeks of the year was in 1954. That does not include weeks encompassing two different years.

On a monthly basis, the indexes are also set for a historic end to the year.

On a total return basis, which includes dividends, the S&P 500 is on pace to post gains for every month of the calendar year for the first time in history

If the NASDAQ also holds gains for December, it will have posted gains in 11 of 12 months in 2017, a first for the tech-heavy index. The Dow is on pace for its first nine-month winning streak since 1959, and the S&P is on track for its first nine-month winning streak since 1983.

Prices for the benchmark 10-year Treasury note inched upward, lowering yields to 2.42% from Thursday's 2.43%. Treasury prices and yields move in opposite directions.

Oil prices gained 19 cents a barrel to $60.03 U.S.

Gold prices gained eight dollars to $1,305.20 U.S. an ounce.



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