Daily Wrap-up: TSX closes lower on oil, retail figures

Daily Wrap-up: TSX closes lower on oil, retail figures

Daily Wrap-up: TSX closes lower on oil, retail figures TSX closes lower on oil, retail figures
The week ended with losses for the main index of the TSX Friday with eight of the ten main sectors falling, led by energy, financials and healthcare.

Oil prices continued their downward trajectory and were down almost 4 per cent at the end of the session while Canadian retail figures also disappointed in the lead up to Christmas, adding additional negativity.

Wall Street ended mixed with only the Nasdaq managing slim gains.

Earlier, Asian and European markets had closed mostly lower with oil and regional earnings weighing.
The S&P/TSX Composite Index closed down 117.9 (down 0.91 per cent)
The Dow Jones closed down 21.44 (0.13 per cent)
Oil is trending lower (Brent $33.14, WTI $29.79 at 5pm)
Gold is trending higher (1127.90 at 5pm)
The loonie is valued at U$0.7262
Inflation up 2 per cent in December
Consumer prices were up 2 per cent in the 12 months to January following a rise of 1.6 per cent in December. Statistics Canada reported that gasoline prices headed higher for the first time since October 2014 and transportation, along with food (up 4.0 per cent), were the main influences on rising inflation. Newfoundland and Labrador and New Brunswick posted the largest gains.
Retail prices disappointing in Christmas lead-in
The weeks before Christmas provided disappointing sales for Canada’s retailers. New data from Statistics Canada show a 2.2 per cent drop in December to $43.2 billion, following a 1.7 per cent rise in November. Ten of 11 subsectors saw lower sales with furniture and home furnishings the only one to gain. Volume of sales was 2.3 per cent lower with unseasonably warm weather deterring sales of seasonal purchases.
Enbridge posts higher profit, delays spending
Canadian pipeline firm Enbridge has reported higher quarterly profit that analysts were forecasting. Net income increased to $378 million, more than four times that of the previous quarter. The firm announced that it has delayed projects and spending of $5 billion from this year and next until 2018. The firm’s shares fell 1.1 per cent on the TSX despite the income rise due to concerns over growth strategy.

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