TSX begins Friday with plunge at opening bell

TORONTO -- Canada's biggest stock market took a rapid descent Friday, dropping nearly three per cent in the first minutes of trading.

See Full Article

The Toronto Stock Exchange's S&P/TSX index was down 341.68 points -- 2.8 per cent -- shortly after the opening bell at 9:30 a.m. ET, joining declines in Asia, Europe and the United States.

The Canadian dollar fell below 69 cents U.S. early Friday for the first time since 2003 as crude oil futures dropped below US$30 a barrel.

The loonie later regained ground, trading at 69.21 cents U.S., but that was still down 0.42 of a U.S. cent below Thursday's closing price.

On commodity markets, February crude oil futures traded at US$29.69 a barrel at about 9:30 a.m. ET and gold futures were up $21.30 at US$1.094.80.

In New York, the Dow Jones average of 30 stocks was down 1.9 per cent or 310.5 points at 16,068.55, while the S&P 500 index declined 1.7 per cent or 32.14 points to 1,889.70 and the Nasdaq dropped 3.2 per cent or 134.5 points to 4,138.48.



Advertisements

Latest Economic News

  • B.C. envoy says the window is open slightly for softwood lumber deal with U.S.

    Economic CTV News
    VICTORIA -- British Columbia's softwood trade envoy says there's a slight opportunity to quickly negotiate a new lumber agreement between Canada and the United States, but if a deal can't be reached by the summer or fall it could mean a lengthy fight. Source
  • Lululemon shares drop after weak outlook

    Economic CBC News
    Shares of Lululemon Athletica Inc. fell sharply in after-hours trading Wednesday after the athletic-inspired sportswear company delivered a weak outlook for the current quarter. The Vancouver-based company says it earned $136.1 million US, or 99 cents per share, for the three months that ended Jan. Source
  • Cenovus Energy buying most of ConocoPhillips's Canadian assets for $17.7B

    Economic CTV News
    CALGARY -- Cenovus Energy (TSX:CVE) announced Wednesday it will spend $17.7 billion to acquire most of the Canadian assets of ConocoPhillips, making the Houston-based company the latest international player to reduce its exposure to the oilsands. Source
  • Cenovus Energy buying most of ConocoPhillips' Canadian assets for $17.7B

    Economic CBC News
    Cenovus Energy of Calgary says it will spend $17.7 billion to acquire most of the Canadian assets of ConocoPhillips, making the Houston-based company the latest international player to exit the oilsands. Cenovus CEO Brian Ferguson is calling it a "transformational acquisition. Source
  • Canadian coal production hit three-decade low last year as demand wanes

    Economic CTV News
    CALGARY -- The National Energy Board says Canadian coal production dropped to a three-decade low last year as demand waned. Production came in at 60.4 million tonnes, a 12 per cent decline since 2013, and well off the peak of about 79 million tonnes reached in 1997, the NEB said Wednesday. Source
  • Etihad Airways responds to laptop ban with free iPad and Wi-Fi for 1st class

    Economic CBC News
    One Middle Eastern airline targeted by new U.S. rules banning computers on certain flights has responded by offering first and business class passengers complimentary use of a tablet computer with internet access while on board. Abu Dhabi-based Etihad Airways made the announcement on Wednesday, noting that so-called Premium passengers will be welcome to use the service as of Monday. Source
  • Sask. premier invites Calgary energy companies to move to Saskatchewan

    Economic CBC News
    Saskatchewan Premier Brad Wall is taking a turf war with Alberta to its economic heart, inviting energy companies based in Calgary to move their headquarters to his province. In a letter to Whitecap Resources, Wall offers to subsidize relocation costs, trim taxes and royalties and help find space in unused government buildings if the oil and gas firm moves to Saskatchewan. Source
  • Etihad to lend U.S.-bound passengers iPads as ban workaround

    Economic CTV News
    DUBAI, United Arab Emirates -- One Mideast airline affected by the ban on most electronics in the cabins of U.S.-bound flights will lend iPads to its top-paying travellers. Etihad Airways said on Wednesday that it will offer the tablets to U.S. Source
  • Bombardier senior execs earned nearly 50 per cent more in 2016

    Economic CTV News
    MONTREAL - Bombardier's senior executives saw their compensation rise by nearly 50 per cent last year at a time when it laid off thousands of workers, sought government aid and saw the first CSeries passenger jet take flight. Source
  • Fact check: U.S. President Trump didn't get luxury-model Air Force One

    Economic CTV News
    KIRKLAND, Wash. -- A widely shared story that claims to include photos of a recently delivered plane that will serve as Air Force One for U.S. President Donald Trump is false. The pictures included in the story do not show the presidential plane and are conceptual renderings from an outfitter of luxury aircraft. Source