Toronto stocks tumbled Friday, as resource stocks and information technology issues lost ground.
The S&P/TSX composite index fell 100.81, or 0.82%, to 12,241.21. Despite Friday losses, the senior exchange gained almost 1.08% for the week.
Eight of the 10 TSX main sub-groups were down on the session.
The materials index retreated 1.59% and the gold group, a sub-set of materials, dropped 1.65%.
Gold for June delivery closed down $7 at US$592.70 an ounce. Nevertheless, bullion gained $6 on the week.
Goldcorp Inc. fell 47¢, or 1.33%, to $34.88.
The energy index was down 0.94%. The benchmark May crude contract fell 55¢ at US$67.39 a barrel.
Suncor Energy lost 43¢, or 0.46%, to $93.87.
The information technology sector lost 2.79%
Research In Motion fell $5.81, or 5.98%, to $91.30 after releasing disappointing guidance. Nortel Networks lost 6¢, or 1.70%, to $3.46 after the firm reported it was continuing to look at its accounting.
In economic news, Statistics Canada reported that the March jobless rate fell 0.1% from the previous month to a 32-year-low of 6.3%.
The Canadian dollar gained 0.36 of a cent to US87.06¢.
The S&P/TSX Venture Exchange index ended flat, losing 0.45 to 3,037.37.
In New York, a strong employment report gave rise to inflation worries, resulting in a sell-off.
The Dow Jones Industrial Average fell 96.46 points to 11,120.04. The Nasdaq Composite Index was down 22.15 points at 2,339.02. The S&P 500 Index dropped 13.54 points to 1,295.50.
On the week, the Dow gained a modest 0.1%, the Nasdaq was flat, and the S&P500 nudged ahead nearly 0.1%.
TSX drops, but gains overall for the week
Statistics Canada reports lowest jobless rate in 32 years
- By: Rudy Mezzetta
- April 7, 2006 April 7, 2006
- 16:23