MW: Canadian markets driven lower by materials, industrials
By Wallace Witkowski, MarketWatch
SAN FRANCISCO (MarketWatch) -- Upbeat employment data failed to push Canadian markets into positive territory Friday as losses in materials and industrial stocks led the downward trend.
The S&P/TSX Capped Materials Index (CA:I:ITTMT 336.18, -6.51, -1.90%) closed out Friday down 1.9%, with Barrick Gold Corp. (CA:ABX 44.70, -1.42, -3.08%) shares closing down 3.1%. Canadian Natural Resources Ltd. (CA:CNQ 72.00, -0.70, -0.96%) fell 1%, and Goldcorp Inc. (CA:G 44.53, -1.22, -2.67%) shares dropped 2.5%.
Similarly, the S&P/TSX Capped Industrials Index (CA:I:ITTIN 95.51, -1.78, -1.83%) closed down 1.8%, with SNC-Lavalin Group Inc. (CA:SNC 47.47, -1.97, -3.98%) shares shedding 4%.
Superior Plus Corp. (CA:SPB 12.55, -0.43, -3.31%) shares fell 3.3%, Canadian National Railway (CA:CNR 58.16, -0.94, -1.59%) ended the day down 1.6%, and Canadian Pacific Railway Ltd. (CA:CP 56.45, -0.88, -1.53%) shed 1.5%.
The S&P/TSX Composite Index (CA:ISPTX 11,692, -150.00, -1.27%) closed the day down 1.5%.
Elsewhere, the S&P/TSX Capped Energy Index (CA:I:ITTEN 277.39, -3.41, -1.21%) dropped 1.2% and the S&P/TSX Capped Financials Index (CA:I:ITTFS 180.02, -1.68, -0.92%) fell 0.9%.
Royal Bank of Canada (CA:RY 58.92, -0.65, -1.09%) shares dropped 1.1%, Toronto-Dominion Bank (CA:TD 71.92, -0.39, -0.54%) fell 0.5% and Manulife Financial Corp. (CA:MFC 18.13, -0.12, -0.66%) shares closed the day down 0.7%.
Shares of Suncor Energy (CA:SU 31.92, -0.45, -1.39%) (SU 30.58, -0.07, -0.23%) fell 1.4% and Cenovus Energy Inc. (CA:CVE 27.49, -0.41, -1.47%) shares fell 1.5%.
Oil for June delivery fell 2% to $75.57 a barrel, while gold for June delivery rose 0.6% to $1,204.20 an ounce.
A positive jobs report seemed to have little to no effect on the market. Canada reported it added 109,000 jobs in April, lowering the unemployment rate to 8.1%.
"Although wage growth slowed to 2%, the overall strength of the employment report drove the Canadian dollar sharply higher," said strategists at GFT.
The U.S. dollar declined slightly against the Canadian loonie, falling less than 0.1% to buy C$1.0420.
The Investment Industry Regulatory Organization of Canada said Friday that it re-priced or canceled some Thursday trades following a brief plunge in markets. Among the trades, IIROC said it re-priced 152 trades of Fortis Inc. (CA:FTS 25.78, -0.48, -1.83%) and canceled two. Fortis trades below C$21.60 were re-priced to C$21.60, IIROC said.
