It was an ugly end to an ugly week for equities on both sides of the border in North America, as energy stocks took a hit and investors foresaw higher interest rates starting next week.
The S&P/TSX Composite fell sharply by Friday’s closing bell, 436.79 points, or 2.1%, to 20,621.39, for a loss on the week of 736 points, or 3.45%.
The Canadian dollar slumped 0.49 cents at 79.50 cents U.S.
Energy stocks wore the largest collars, with Birchcliff Energy sliding 41 cents, or 6.7%, to $5.68, while Vermilion Energy weakened a dollar, or 5.3%, to $18.02.
Tech issues took a wallop, too, as Shopify was bruised $169.58, or 13.2%, to $1,112.61, HUT 8 Mining was stricken 96 cents, or 12.3%, to $6.82.
In resource stocks, Turquoise Hill retreated $1.80, or 8.5%, to $19.49, while MAG Silver doffed $1.43, or 7%, to $19.07.
On the economic calendar, Statistics Canada reported … Read more