Canada’s main stock index slipped on Friday, hurt by mining and energy shares, while domestic jobs data slightly trimmed bets for a hefty 50-basis-point interest rate cut by the Bank of Canada next month.
The TSX dropped 144.4 points to reach noon Friday at 24,701.53.
The Canadian dollar lost 0.03 cents to 71.85 cents U.S.
The biggest gainer on the index, Mattr, jumped $1.78, or 13.6%, to $14.87 after the material technology company agreed to buy power cable producer AmerCable from France-based Nexans for $280 million.
Lundin Mining reported third-quarter earnings below analysts’ estimates. Lundin shares collapsed 75 cents, or 5.2%, to $13.70.
On the economic slate, Statistics Canada reported the job picture was fairly static, growing only 15,000 jobs, and leaving the unemployment rate at 6.5%
Investors will watch the figures to get possible clues on the Bank of Canada’s interest rate decision next month.
The top bank slashed its key policy rates by 50 basis points last month, and traders see a 64% chance for a similar reduction in December.
ON BAYSTREET
The TSX Venture Exchange dipped 5.34 points to 608.06.
The 12 subgroups were evenly divided, with materials down 2.4%, energy off 1.6%, and gold lower 1.2%.
The half-dozen gainers were led by communications, up 1.1%, utilities, hiking 0.4%, and information technology, better by 0.3.
ON WALLSTREET
The Dow Jones Industrials and S&P 500 climbed to new records on Friday, headed for their best week in a year after Donald Trump’s election win.
The Dow zoomed 226.87 points to 43,956.21.
The S&P 500 index improved 20.42 points to 5,993.52.
The NASDAQ scaled back, though, 11.72 points to 19,257.74.
All three of the major averages are on pace for strong weekly gains, thanks in large part to Wednesday’s huge rally following Trump’s victory.
The S&P 500 is up about 4.6% for the week, as the Dow was higher by 4.6%. Both indexes are on track for their best week since November 2023. The NASDAQ is the outperforming even those moves, toting a 5.4% advance, while the small cap benchmark Russell 2000 is up more than 8% week to date.
Law enforcement tech stock Axon Enterprises jumped 12% after the company raised its full-year revenue guidance. Trump Media jumped 9% after the president-elect said he had no plans to sell his shares in the social media company.
Prices for the 10-year Treasury nicked ahead, lowering yields to 4.32% from Thursday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices stumbled $2.09 to $70.27 U.S. a barrel.
Prices for gold waned $11.60 an ounce to $2,694.20 U.S.