Canada’s main stock index opened slightly lower on Friday as investors took a pause a day after an oversized interest-rate cut in the United States drove broader gains in global markets.
The TSX Composite Index faltered 118.43 points, to open the week’s final session at 23,747.84.
The Canadian dollar dipped 0.09 to 73.64 cents U.S.
In corporate news, Orex Minerals announced the appointment of John Eren as chief executive officer and member of the board of directors, effective immediately. Orex closed Thursday at 21 cents.
The economic docket is a full one this Friday, as July retail trade increased 0.9% to $66.4 billion in July. Sales were up in seven of nine subsectors, led by increases at motor vehicle and parts dealers.
The new housing price index crumbled to 217,400 in August, from 279,800 in July.
Statistics Canada’s industrial product price index decreased 0.8% month over month in August and rose 0.2% on a yearly basis, while its raw materials price declined 3.1% month over month in August and fell 2.5% year over year.
ON BAYSTREET
The TSX Venture Exchange nicked ahead 3.02 points to 585.74.
All but there of the 12 TSX subgroups were lower, with energy stumbling 1.7%, industrials off 1.2%, and consumer discretionary fading 0.9%.
The three gainers proved to be gold, shining brighter 0.9%, materials, inching up 0.03%, and real-estate, just clearing breakeven.
ON WALLSTREET
Stocks inched lower Friday, giving back some of the strong gains seen in the previous session, but remained on track for solid weekly advances.
The Dow Jones Industrials backed off 53.87 points to 41,971.32, from Thursday’s record highs.
The S&P 500 index skidded 16.82 points, also from record highs of Thursday, to 5,696.82.
The NASDAQ staggered 62.84 points to 17,951.14.
The three major averages are on pace for weekly gains. The S&P 500 is up 1.2%, while the Dow is toting a 1.4% jump on the week. The tech-heavy NASDAQ is outperforming with a 1.5% advance.
New unemployment data also seemed to boost investors’ sentiment. Initial jobless claims, which came in at 219,000 for the week of Sept. 14, were lower than expected and showed a decline from the prior week.
In corporate news, shipping behemoth FedEx declined more than 13% after the company slashed the top end of its full-year earnings outlook and trimmed its revenue guidance. Nike surged 7.5% after announcing that CEO John Donahoe will step down from his post on Oct. 13.
Prices for the 10-year Treasury sagged, lifting yields to 3.76% from Thursday’s 3.73%. Treasury prices and yields move in opposite
directions.
Oil prices ducked 45 cents to $71.50 U.S. a barrel.
Gold prices strengthened $23.10 to $2,637.70.