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TSX Gives Way Friday on Lower Retail Sales



Canada’s main stock index opened marginally lower on Friday despite higher crude and metal prices, while investors assessed weak domestic retail sales data.

The TSX Composite skidded 34.4 points to 20,722.33.

The Canadian dollar eked up 0.05 cents to 74.20 cents U.S.

Royal Bank of Canada said it plans to raise $750 million by issuing preferred shares to certain institutional investors.

Richelieu Hardware was downgraded to “sector perform” from “outperform” by the National Bank of Canada after the specialty hardware manufacturer reported its fourth-quarter results. The hardware chain docked $2.17, or 4.9%, to $42,34,

Retail trade leads off things macroeconomic this morning, the figure decreasing 0.2% to $66.6 billion in November. Sales were down in four of nine subsectors and were led by decreases at food and beverage retailers.

ON BAYSTREET

The TSX Venture Exchange fell 3.1 points in the first hour to 548.09.

All but two of the 12 subgroups were lower soon after the open, with consumer discretionary stocks fading 0.6%, information technology down 0.4%, and consumer staples off 0.3%.

The two gainers proved to be real-estate, soaring 1.5%, and financials ahead 0.2%.

ON WALLSTREET

Stocks jumped on Friday as investors returned to buying equities in force in recent days following a short-lived market stumble to start the new year.

The Dow Jones Industrials surged 74.25 points at 37,542.86.

The S&P 500 moved higher 14.31 points to 4,795.25.

Friday’s gains put the S&P 500 inches away from 4,796.56, the all-time closing-high set in January 2022. It was also within striking distance of 4,818.62, its intraday record.

The NASDAQ took on 68.77 points to begin Friday at 15,124.42.

Insurance company Travelers rose more than 5% after posting an earnings beat. Schlumberger N.V. gained 82 cents or 1.7% after beating on top and bottom lines.

Prices for the 10-year Treasury faded, raising yields to 4.18% from Thursday’s 4.14%. Treasury prices and yields move in opposite directions.

Oil prices obtained 67 cents to $74.75 U.S. a barrel.

Gold prices gained $8.60 to $2,030.20.



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