Dec 13, 2024 (Baystreet.ca via COMTEX) --
Stocks Punished on Day, Week
Scotiabank, Dye & Durham Centre-Stage
Canada's main stock index extended its losses from the previous session on Friday, hurt by mining and energy shares, while investors grappled with global economic uncertainty and tariff threats, weighing on the market sentiment.
The TSX lost 146.78 points to finish Friday at 25,263.93, for a loss on the week of 417 points, or 1.62%.
The Canadian dollar ditched 0.09 cents to 70.24 cents U.S.
In corporate news, the U.S. Federal Reserve said on Thursday it had approved an application by Scotiabank to buy up to 14.99% of the voting shares in U.S. regional lender KeyCorp, as the Canadian bank looks to boost its exposure to developed markets. Scotiabank shares gained 34 cents to $78.92.
The information technology sector received a boost from electronics firm Celestica that scaled to a record high, gaining $7.34, or 5.7%, to $136.76. Elsewhere, Dye & Durham gained $2.25, or 11.4%, to $21.99.
Among other stocks, Enghouse Systems dropped $4.05, or 12.9% to $27.36, after the software and services firm missed fourth-quarter revenue estimates.
Gold took its lumps, with Equinox Gold falling 35 cents, or 4.3%, to $7.88, while Iamgold lost 31 cents, or 3.9%, to $7.60.
In other resource stocks, Hudbay Minerals dished off 67 cents, or 5.2%, to $12.34, while Silvercrest Metals dipped 71 cents, or 4.6%, to $14.75.
Communications were also negative, as Quebecor stumbled 39 cents, or 1.2%, to $32.32, while BCE fell 42 cents, or 1.1%, to $36.32.
In economic news, motor vehicle sales registered at 163,600 in October, less than the 166,600 figures from August. Manufacturing numbers increased 2.1% in October, mainly on higher sales of petroleum and coal products as well as of transportation equipment. Sales in the paper subsector declined the most. Wholesale sales rose 1.0% to $83.7 billion in October.
ON BAYSTREET
The TSX Venture Exchange slid 4.04 points to 607.84, for a weekly loss of 2.4 points, or 0.4%.
All but one of the 12 TSX subgroups lost ground Friday, weighed most by gold, slipping 2.2%, materials, down 1.8%, and communications, off 1%
The sole gainer was in information technology up 0.5%.
ON WALLSTREET
The S&P 500 was little changed on Friday but is still on pace for its first weekly decline in four weeks.
The Dow Jones Industrial index faltered 86.06 points Friday to 43,828.06, to run its losing streak to seven straight sessions.
The much-broader index shed 0.16 points to 6,051.09
The tech-heavy NASDAQ recovered 23.88 points before the close to 19,926.73.
Nvidia tumbled 3% and Meta Platforms fell nearly 2%. Amazon shares were also down 1%. On the other hand, Broadcom hit $1 trillion in market cap, rallying more than 19% after posting fiscal fourth-quarter adjusted earnings that beat estimates and reporting that artificial intelligence revenue soared 220% for the year.
For the week, the Dow is heading for a 1.6% decline, while the S&P 500 is on pace for slide of 0.7%. The latter is on pace to end a three-week winning streak. The NASDAQ is on track for a 0.03% loss for the period.
Prices for the 10-year Treasury shrank, raising yields to 4.39% from Thursday's 4.33%. Treasury prices and yields move in opposite directions.
Oil prices revived $1.16 to $71.18 U.S. a barrel.
Prices for gold settled $28.70 an ounce to $2,680.70 U.S.
COMTEX_460825840/2559/2024-12-13T16:42:16
