Canada’s main stock index inched lower at open on Friday, as weakness in commodities-linked shares offset optimism over upbeat domestic jobs data and positive signals from Russian President Vladimir Putin on talks with Ukraine.
The S&P/TSX Composite Index retreated 52.5 points at Friday’s opening bell to 21,529.20.
The Canadian dollar recovered 0.28 cents to 78.68 cents U.S.
ATB Capital Markets raised the target price on Docebo to $115.00 from $110.00. Docebo shares ducked $2.12, or 3.8%, to $53.29.
CIBC raised the target price on Granite REIT to $110.00 from $109.00. Units of Granite REIT galloped $3.45, or 3.8%, to $94.50.
RBC cut the rating on KP Tissue to sector perform from outperform. KP shares dropped 20 cents, or 1.9%, to $10.60.
On the economic calendar, Statistics Canada says the economy created 337,000 jobs in February, thus shrinking the unemployment rate a full percentage point to 5.5%.
Natural Resources Minister Jonathan Wilkinson says Canada is studying ways to increase pipeline utilization to boost crude exports as Europe seeks to reduce its dependence on Russian oil.
ON BAYSTREET
The TSX Venture Exchange let go of 6.88 points to 848.56.
Eight of the 12 TSX subgroups were down in the first hour, with gold dulling in price 2.1%, materials off 2%, and health-care sliding 1.2%.
The four gainers were led by real-estate, picking up 0.7%, energy better by 0.3% and financials, up 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average headed for its fifth straight week of losses on Friday as investors remain cautious amid the war between Russia and Ukraine.
The 30-stock index advanced 131.44 points to 33,305.51.
The S&P 500 moved up 3.59 points to 4,263.11.
The NASDAQ Composite dipped 46.9 points to 13,083.06,
The S&P and NASDAQ are heading for their second straight week of losses.
Week to date, the Dow is down about 0.9%. Meanwhile, the S&P is down roughly 1.5%, and the NASDAQ is off by 1.6% this week.
On Friday, Rivian slipped 5% after missing estimates for the fourth quarter on the top and bottom lines, while DocuSign sank 19% after issuing weak guidance for the first quarter and fiscal year.
Certain tech names dragged on the Nasdaq on Friday and continued their weakness since Monday. Zoom Video fell 3%, bringing its weekly losses to more than 7%. Meta Platforms fell 2.5% and is down more than 5% since Monday.
Russian President Vladimir Putin said Friday “certain positive shifts” have occurred in the talks between the Kremlin and Ukraine. Meanwhile, President Volodymyr Zelenskyy reportedly said Ukraine has reached a “strategic turning point” in its war with Russia.
Treasury prices slumped, raising yields to 2.01% from Thursday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.97 to $107.99 U.S. a barrel.
Gold prices dropped $16.80 to $1,983.80 U.S. an ounce.