Daily Wrap-Up: TSX plunges on sell-off amid political concerns

Daily Wrap-Up: TSX plunges on sell-off amid political concerns

Daily Wrap-Up: TSX plunges on sell-off amid political concerns TSX plunges on sell-off amid political concerns
Political concerns subdued global stocks Friday and Canadian investors opted to take profits following this week’s highs for the TSX.

The main index closed sharply lower as all ten sector groups slipped led by energy, healthcare and materials which all dropped more than 2 per cent; five other sectors were off by more than 1 per cent.

Wall Street performed better although the Dow was flat. Europe and Asia both closed mostly lower as regional earnings and political factors weighed.

Gold strengthened but oil prices have ended the session lower. Oil is however 1 per cent higher for the week with OPEC cuts balancing higher output in the US.

The S&P/TSX Composite Index closed down 247.7 (1.57 per cent)
The Dow Jones closed up 11.44 (0.05 per cent)
Oil is trending lower (Brent $56.09, WTI 54.02 at 5.10pm)
Gold is trending higher (1258.00 at 5.10pm)
The loonie is valued at U$0.7629

Inflation gathered pace in January
The Consumer Price Index was up 2.1 per cent year-over-year in January, gathering pace from 1.5 per cent in December.

Statistics Canada reported Friday that gasoline prices led the gains with a 20.6 per cent rise in the 12 months to January, its sharpest rise since September 2011.  Excluding gasoline, the CPI was up 1.5 per cent following a 1.4 per cent rise in December.

The shelter group was also higher, up 2.4 per cent year-over-year but food was down 2.1 per cent.

Husky could sell some of its Eastern Canadian assets
Husky Energy could sell some of its stakes in Eastern Canadian offshore assets, Reuters reported Friday.

It could raise billions of dollars for the firm but Reuters’ sources said that it would only go ahead if the price is right. The source claimed that Suncorp was a potential buyer.

Neither firm has commented on the speculation.