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S&P/TSX Composite Index

15,782.16 real time data change down
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Change: -34.74 (-0.22%)

S&P/TSX Venture Composite Index

784.69 real time data change down
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Change: -6.39 (-0.81%)
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1:16 PM EDT, August 11, 2017
Stocks Dragged by Materials, Financials

Canada's main stock index lost ground on Friday, weighed by moves lower in financial stocks and a fall in shares of telecommunications company TELUS Corp, which posted lower-than-expected quarterly earnings.

The S&P/TSX Composite Index went south 75.42 points to greet noon at 14,998.83. The index is on track for a 1.5% fall over the week.

The Canadian dollar regained 0.31 cents to 78.8 cents U.S.

The financials group slipped, with Brookfield Asset Management down 1% to $48.43, extending losses after reporting earnings on Thursday, and Bank of Montreal lost 0.7% to $92.34.

TELUS was one of the most influential movers on the index, falling 1.4% to $44.90.

Magna International Inc fell 1.5% to $58.85 despite reporting better-than-forecast quarterly profit and raising its full-year sales forecast for the second time in three months.

Wheaton Precious Metals fell 2.7% to $24.8 after it reported lower-than-expected revenue after the close on Thursday.

Enerplus Corp jumped 6.1% to $11.42 after the oil and gas company increased its production guidance, while the broader energy group was little changed.

ON BAYSTREET

The TSX Venture Exchange gained 1.82 points to 760.39

All but three of the 12 TSX subgroups were negative, with material stocks down 1%, while health-care and financials surrendered 0.8% each.

The three gainers were consumer staples, up 0.5%, information technology, better by 0.4%, and real-estate, inching up 0.1%.

ON WALLSTREET

U.S. equities edged higher Friday as weak inflation data encouraged investors that the Federal Reserve will keep monetary policy lower for longer. Gains were muted as tensions between the U.S. and North Korea persisted.

The Dow Jones Industrials gained 48.1 points to 21,892.11, with Apple contributing the most gains. Entering Friday's session, the Dow was on track to post its worst weekly performance since March 24.

The S&P 500 regained 6.22 points to 2,444.43, with information technology and health-care leading advancers. The index stared at its biggest weekly loss since the election before the open.

The NASDAQ recovered 32.33 points to 6,249.20, as large-cap tech stocks rebounded.

Before this week, U.S. stocks have been hitting record highs, boosted by mostly stronger-than-expected earnings.

Snap, however, did not beat expectations. The social media company posted a larger-than-expected loss and smaller-than-expected revenue, sending the stock down more than 10%

J.C. Penney's stock also fell sharply Friday after the struggling retailer turned in a mixed second-quarter report that included a greater-than-expected loss in earnings. The stock fell over 15% Friday.

Graphics chipmaker Nvidia saw its stock fall 6% after reporting stronger-than-expected earnings. Though one of the best-performing stocks in the entire market, investors were disappointed by its slow growth in its unit that serves artificial intelligence applications.

In economic tidings, the U.S. Labor Department said on Friday the Consumer Price Index edged up 0.1% last month, versus expectations of a 0.2% gain.

Prices for the benchmark 10-year Treasury note fell slightly back, raising yields to 2.19% from Thursday's 2.2%. Treasury prices and yields move in opposite directions.

Oil prices lost 28 cents to $48.31 U.S. a barrel

Gold prices gained $3.50 to $1,293.60 U.S. an ounce.



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