(RTTNews.com) - The Canadian stock market is losing ground in early trade Friday. Gold stocks are the lone bright spot on Bay Street this morning, as the precious metal's safe haven appeal has given shares a boost. The rest of the Canadian sectors are trading in the red.
Markets on Wall Street are declining Friday morning. Disappointing earnings reports from big companies like Amazon.com and Google parent Alphabet are weighing on investor sentiment.
Markets in Europe are also trading solidly in the red Friday.
The benchmark S&P/TSX Composite Index is down 137.77 points or 0.92 percent at 14,786.31.
On Thursday, the index closed up by 14.95 points or 0.10 percent, at 14,924.08. The index scaled an intraday high of 15,009.91 and a low of 14,905.29.
The Capped Information Technology Index is losing 1.24 percent. BlackBerry (BB.TO) is falling 2.76 percent and Sierra Wireless (SW.TO) is down 1.80 percent. Constellation Software (CSU.TO) is lower by 0.01 percent and Descartes Systems Group (DSG.TO) is surrendering 0.90 percent.
The Capped Telecommunication Services Index is down 1.00 percent. BCE (BCE.TO) is lower by 1.16 percent and TELUS (T.TO) is losing 0.93 percent. Rogers Communications Inc. (RCI.B.TO) is falling 1.91 percent
The heavyweight Financial Index is decreasing 1.13 percent. Bank of Nova Scotia (BNS.TO) is losing 1.23 percent and Canadian Imperial Bank of Commerce (CM.TO) is down 1.25 percent. National Bank of Canada (NA.TO) is lower by 1.32 percent and Royal Bank of Canada (RY.TO) is weakening by 1.14 percent. Toronto-Dominion Bank (TD.TO) is surrendering 0.75 percent and Bank of Montreal (BMO.TO) is declining 1.05 percent.
The Capped Industrials Index is down 0.94 percent. Canadian Pacific Railway (CP.TO) is falling 0.72 percent and Canadian National Railway (CNR.TO) is lower by 0.71 percent. Finning International (FTT.TO) is declining 1.15 percent and Air Canada (AC.TO) is weakening by 1.09 percent.
The Energy Index is falling 0.51 percent. Encana (ECA.TO) is down 1.30 percent and Enbridge (ENB.TO) is losing 1.72 percent. Canadian Natural Resources (CNQ.TO) is down 0.03 percent and Imperial Oil (IMO.TO) is declining 1.12 percent. Husky Energy Inc. (HSE.TO) is falling 1.75 percent
The Gold Index is increasing 2.06 percent. Kinross Gold (K.TO) is higher by 2.06 percent and Goldcorp (G.TO) is gaining 5.95 percent. IAMGOLD (IMG.TO) is up 1.05 percent and B2Gold (BTO.TO) is climbing 2.11 percent. Barrick Gold (ABX.TO) is advancing 3.77 percent.
The Capped Materials Index is up 0.30 percent. Franco-Nevada (FNV.TO) is rising 0.58 percent.
PFB Corporation (PFB.TO) is rising 10.65 percent after it reported consolidated net income of $3.27 million, and basic earnings of $0.48 per share for the third quarter, as compared to a consolidated net income of $1.52 million and basic earnings of $0.23 per share, in the comparative three month period of 2017.
On the economic front, Germany's consumer confidence is set to remain stable in November, despite Brexit and trade disputes weighing on economic and income expectations.
The forward-looking consumer sentiment index came in at 10.6 in November, the same as seen in October, survey data from the market research group GfK showed Friday. The score was forecast to drop to 10.5.
French consumer confidence improved marginally in October, survey data from the statistical office Insee showed Friday. The consumer sentiment index rose to 95 in October from 94 in September. The score came in line with expectations.
Economic growth in the U.S. slowed in the third quarter, according to a report released by the Commerce Department on Friday, although the pace of growth still exceeded economist estimates.
The Commerce Department said real gross domestic product advanced by 3.5 percent in the third quarter after surging up by 4.2 percent in the second quarter. Economists had expected GDP growth to slow to 3.3 percent.
Consumer sentiment in the U.S. deteriorated by slightly more than initially estimated in the month of October, the University of Michigan revealed in a report released on Friday. The report said the consumer sentiment index for October was downwardly revised to 98.6 from the preliminary reading of 99.0.
Economists had expected the consumer sentiment index to be unrevised at 99.0, which was still down from 100.1 in September.
In commodities, crude oil futures for November delivery are down 0.69 or 1.02 percent at $66.64 a barrel.
Natural gas for November is down 0.087 or 2.72 percent at $3.115 per million btu.
Gold futures for December are up 5.20 or 0.42 percent at $1,237.60 an ounce.
Silver for December is up 0.07 or 0.48 percent at $14.70 an ounce.
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