Canada’s main stock index finished Friday and the week on a down note, as the closely-watched U.S. inflation print came in broadly in line with expectations, but sentiment remained fragile on pandemic jitters and uncertainty over U.S. monetary policy.
The S&P/TSX Composite sank 34.87 points to close Friday at 20,890.62. Still, the index gained 257.3 on the week, or 1.25%
The Canadian dollar ditched 0.10 cents at 78.59 cents U.S.
Health-care took the biggest bruises, as Canopy Growth dropping 71 cents, or 5.5%, to $12.25, while Well Health Technologies sank 17 cents, or 3.2%, to $5.31.
Elsewhere, in consumer staples, North West pointed south $1.38, or 3.7%, to $35.79, while Village Farms International docked 32 cents, or 3.8%, to $8.12.
In techs, Lightspeed POS fell $2.60, or 4.5%, to $55.67, while Viq Solutions handed over a dime, or 3.4%, to $2.85.
On the other side, Parex Resources tried to inspire a rally among energy issues, gaining 65 cents, or 3.5%, to $21.15, while MEG Energy added 23 cents, or 1.9%, to $12.11.
Among financial stocks, Laurentian Bank sprinted $2.03, or 5.3%, to $40.07, while ONEX Corp. jumped $1.01, or 1.1%, to $97.24.
Communications also cleared breakeven, with TELUS Corp. hiking 31 cents, or 1.1%, to $29.37, while Quebecor moved forward nine cents to $28.22.
The Bank of Canada will reportedly leave its inflation target at 2% in a framework renewal, shunning a major shift in monetary policy
strategy similar to the one adopted by the U.S. Federal Reserve last year.
Canada’s Energy Regulator said on Thursday oil output in Canada, the world’s fourth-largest producer, will climb over the next decade and peak at 5.8 million barrels per day (bpd) in 2032, seven years sooner than previously forecast.
The TSX Venture Exchange fell back 1.16 points to 908.88, but posted a weekly gain of 11.8 points, or 1.3%.
All but three of the 12 TSX subgroups were lower Friday, with health-care fading 2.6%, information technology and consumer staples each off 0.8%.
The trio of gainers were energy, financials and communications, each advancing 0.3%.
The S&P 500 closed at a record on Friday, capping off Wall Street’s strong rally this week, despite inflation hitting a 39-year high.
The Dow Jones Industrials popped 216.30 points to 35,970.99
The S&P 500 index 44.57 points, or 1%, to 4,712.02, to close at a record.
The NASDAQ surged 113.23 points at 15,630.60.
The S&P 500 and NASDAQ completed their best week since February and the Dow had its best weekly performance since March.
Oracle shares soared 15.6% on Friday, a day after the company posted better-than-expected quarterly results.
Airlines ticked lower on Friday. Southwest Airlines dropped 3.8% following another downgrade on Wall Street, this time from Goldman Sachs.
Interactive fitness company Peloton added to its woes, slipping 5.4% after tumbling 11.3% on Thursday. Credit Suisse cut its view on the company, saying a return to gyms and shifts in consumer spending will weigh on profitability.
Inflation soared 6.8% year-over-year in November to highest rate since 1982, the U.S. Labor Department said Friday. The print came in slightly higher than the 6.7% Dow Jones estimate. The consumer price index, which measures the cost of a wide-ranging basket of goods, rose 0.8% for the month.
Core CPI, which excludes food and energy prices, rose 0.5% for the month and 4.9% from a year ago, in line with estimates.
Prices for 10-year Treasurys lost some ground, raising yields back to Thursday’s 1.49%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.07 to $72.01 U.S. a barrel.
Gold prices added $6.30 to $1,783.00 U.S. an ounce.