Toronto Stocks Set for Weekly Gain, Though Daily Numbers Droop
The TSX Composite dumped 108.45 points to move into Friday afternoon at 21,978.81.
The Canadian dollar subtracted 0.39 cents to 73.53 cents U.S.
Shares of Alimentation Couche-Tard were down for yet another session, falling $1.68, or 2.2%, to $76.41, as multiple brokerages cut price target for the operator of convenience stores after it missed earnings expectations.
BMO Financial slid 46 cents to $130.04. The lender's asset management arm said it had partnered with U.S. private equity firm Carlyle Group to broaden access to private markets for Canadian investors.
On the economic slate, Statistics Canada says retail trade in January decreased 0.3% to $67.0 billion. Sales were down in three of nine subsectors and were led by decreases at motor vehicle and parts dealers, while new housing prices edged up 0.1% month over month in February.
ON BAYSTREET
The TSX Venture Exchange dropped 2.63 points to 550.54.
All but two of the 12 TSX subgroups were pointing lower, as communications dipped 1.3%, while real-estate stepped back 1.1%, consumer discretionary fell 1%.
The two gainers were health-care, ballooning 3.7%, while and utilities inched up 0.0.4%.
ON WALLSTREET
Stocks slipped on Friday, but the major averages headed for a winning week and the Dow Jones Industrial Average barreled toward its best week of the year.
The 30-stock index slipped 186.83 points to 39,594.74.
The S&P 500 index staggered 5.84 points to 5,235.69.
The NASDAQ poked ahead 11.1 points to 16,412.94.
FedEx rose more than 8% after posting adjusted earnings that beat analyst estimates, while Nike sank 8.2% on disappointing guidance and slowing China sales. Lululemon slid 18.6% on weak guidance and slowing growth in North America, and headed for its worst day since March 2020.
All three major averages are tracking for healthy gains this week, with the S&P 500 on pace for a 2.3% pop and the NASDAQ rising 2.6%. The Dow is the outperformer of the three, up 2.3% and on pace for its best week since December.
Prices for the 10-year Treasury were higher, lowering yields to 4.21% at Thursday’s 4.27%.
Oil prices lost 20 cents to $80.87 U.S. a barrel.
Gold prices sank $17.30 to $2,167.40.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
