TSX ends lower as oil reverses
The US oil rig count increased for the first time in three months Friday impacting the sentiment in the market which has been building this week ahead of April talks between producers.
West Texas Intermediate ended the session down more than 2 per cent but remained just above $39; Brent ended above $41.
Resources and telecoms were among those that lost ground on Toronto’s main stock index.
Wall Street closed higher as healthcare and financials gained.
Elsewhere, Asian markets closed their session higher except for Tokyo which was hit by a stronger yen impacting exporters. European markets were generally higher but London closed slightly lower.
The S&P/TSX Composite Index closed down 124.2 (0.91 per cent)
The Dow Jones closed up 117.9 (0.67 per cent)
Oil is trending lower (Brent $41.38, WTI $39.33 at 4.20pm)
Gold is trending lower (1255.00 at 4.20pm)
The loonie is valued at U$0.7677
Inflation pace slows as gasoline prices fall
Lower gasoline prices slowed the pace of inflation in February. StatsCan reports that the consumer price index rose 1.4 per cent in the 12 months to February, following a 2 per cent rise in the year to January. Without gasoline prices, the rate is 1.9 per cent for February and still 2 per cent for January.
Gasoline was down more than 13 per cent in the year to February while food increased 3.9 per cent, household expenses were up 1.8 per cent and clothing and footwear prices dropped 1.3 per cent.
Retail prices rebounded after Christmas
Canada’s retailers had a weak December but new figures show a rebound in January. Statistics Canada revealed Friday that retail sales rose 2.1 per cent to $44.2 billion in January, led by five subsectors that rebounded from lower sales in December. Gains were reported in 7 of 11 subsectors, representing 82 per cent of total retail sales. The increase in January was indicative of higher volumes sold, as constant dollar sales rose 2.1 per cent.