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Stocks Stumble at Opening Bell

Aug 11, 2017 (Baystreet.ca via COMTEX) --

Equities in Canada's largest market fell in early trading on Friday, weighed by mining and financial stocks as well as telecom company TELUS Corp, which lost ground after reporting a smaller-than-expected profit.

The S&P/TSX Composite Index went south 57.13 points to open Friday at 15,017.12

The Canadian dollar regained 0.24 cents to 78.73 cents U.S.

Telus Corp. reported a smaller-than-expected profit, as higher costs and weak growth in its wireline unit offset gains from its national wireless business. TELUS ditched 70 cents, or 1.5%, to $44.85.

Magna International reported better-than-expected quarterly revenue and profit, helped by higher demand, and raised its full-year sales forecast.

Shares in the car parts maker fell 87 cents, or 1.5%, to $58.90.

Manulife Financial on Thursday played down reports that it is exploring an initial public offering of U.S. unit, John Hancock. Manulife shares dipped one cent to $24.42.

CIBC raised the rating on Aimia Inc. to neutral from underperform. Aimia shares gained six cents, or 3.1%, to $1.97.

Canaccord Genuity raised the rating Computer Modelling Group to hold from sell. Computer Modelling shares eked up three cents to $9.38.

Canaccord Genuity raised the rating on Medical Facilities to buy from hold. Medical Facilities shares jumped 92 cents, or 7%, to $14.12.

ON BAYSTREET

The TSX Venture Exchange gained two points to 760.57

All but three of the 12 TSX subgroups were negative, with telecoms down 0.7%, financial and material stocks down 0.5%.

The three gainers were information technology, picking up 0.6%, consumer staples, up 0.2%, and gold, creeping up 0.04%.

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 finally retraced 51.9 points to 21,895.91, 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 7.02 points to 2,445.23, with information technology and consumer discretionary leading advancers. The index was still viewing its biggest weekly loss since the election before the open.

The NASDAQ recovered 32.78 points to 6,249.65, 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%.

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 2.21% from Thursday's 2.2%. Treasury prices and yields move in opposite directions.

Oil prices lost 50 cents to $48.09 U.S. a barrel

Gold prices gained $1.80 to $1,291.90 U.S. an ounce.

********************************************************************** As of Monday, 08-07-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated an UPTREND on 05-15-2012 for TU @ $58.43. For more informat

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