Canada’s main stock index inched lower on Friday, and was on track to gain for a second consecutive week as commodity-linked shares advanced, although an escalating Russia-Ukraine crisis kept sentiment in check.
At noon, the TSX had give backl 9.09 points to 21,241.32.
On the economic slate, Statistics Canada reported the total value of building permits decreased 8.8% to $10.1 billion in January. The residential sector fell 11.6% to $6.7 billion, while the non-residential sector declined 2.7% to $3.4 billion.
The IVEY Purchasing Managers Index for February registered at 60.6, compared to 50.7 in January and 60 for February 2021.
ON BAYSTREET
The Canadian dollar had capsized 0.58 cents to 78.34 cents U.S.
Seven of the 12 TSX subgroups were positive, though, with gold shining 3.2% brighter, energy rumbling 2.1%, and materials stronger by 1.6%.
The five laggards were weighed most by information technology, down 3.6%, health-care, off 2.8%, and consumer discretionary stocks, off 2.2%.
ON WALLSTREET
Stocks fell on Friday despite a stronger-than-expected jobs report as worrisome developments in Ukraine weighed on sentiment.
The Dow Jones Industrials continued to struggle, losing 430.79 points, or 1.3%, to 33,363.87.
The S&P 500 spilled 66.46 points, or 1.5%, to 4,297.03.
The NASDAQ Composite faltered 281.07 points, or 2.1%, to 13,256.87.
The Dow was on track for its fourth straight losing week.
The decline for stocks followed reports that smoke was visible from a nuclear power plant in Ukraine — the largest in Europe — after Russian troops attacked. Reports Friday morning indicated that Russian forces had seized the plant in Zaporizhzhia. The U.S. embassy in Kyiv called the attack a war crime.
Financial stocks, which can benefit from higher interest rates, declined, with American Express and JPMorgan Chase falling 2.9%.
The developments in Ukraine appeared to overshadow a stronger-than-expected February jobs report. The economy added 678,000 jobs last month, above the 440,000 expected by economists, according to Dow Jones. The unemployment rate ticked down to 3.8%.
Travel stocks were another weak spot on Friday, with shares of United Airlines falling 3.5%. Shares of Delta Air Lines and American Airlines dropped more than 2%.
Energy stocks rose along with oil prices. Occidental Petroleum jumped more than 4%, while Diamondback Energy climbed 1.5%.
Earnings reports drove some positive moves for stocks. Retailer Gap and restaurant chain Sweetgreen both surged after beating expectations. Chipmaker Broadcom rose after outpacing estimates for earnings and revenue.
Prices for the 10-year Treasury jumped, lowering yields to 1.72% from Thursday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices zoomed $3.64 to $1111.31.
Gold prices popped $31.40 to $1,967.30.