Canadian stocks closed lower on Friday at near 14,535, but well
above a day low level of 14,470 hit late morning. Most sectors were
down led by Energy and Telecom, but Info Tech and Mining bucked the
Energy shares dropped largely with
after the U.S. government midweek revealed record-high stockpiles
of crude oil. There was also probably some profit taking. Energy
stocks, which have rallied 13% this year for the best performance
among 10 groups, fell 0.54% today, Bloomberg noted.
A warning from Canadian Oil Sands (COS.TO) that unexpected
maintenance could hurt its annual output didn't help sentiment for
the sector. COS - which lost nearly 4% Friday - said it will revise
overall 2014 guidance in the coming days.
June gold futures rose Friday, settling at US$1,300.80 an ounce
on the Comex division of the New York Mercantile Exchange. They
were up 0.5% on the week.
Kitco News points out that next week is "chock-full of possible
market-moving events for the gold market," with a Federal Reserve
monetary policy meeting and April nonfarm payrolls data set for
release. Additionally, it says, any change in the standoff between
Russia and Ukraine has the ability to move markets.
"Gold traders will have to be nimble next week as these
headline-making events could cause volatile market action," it