Energy and financial stocks led Canada’s main stock index lowered on Friday.
The Toronto Stock Exchange’s S&P/TSX fell 131.48 points, or 0.81 per cent, to 16,073.14.
The energy sector dipped 1.1 per cent, led by a 2.5-per-cent drop by Suncor Energy Inc. and a 2-per-cent decline by Canadian Natural Resources Ltd.
Financial stocks lost 0.9 per cent with Bank of Montreal dipping 1.3 per cent and Canadian Imperial Bank of Commerce down 1.1 per cent.
Leading the index were BlackBerry Ltd, up 10.2 per cent, and Paramount Resources Ltd, up 7.6 per cent.
Lagging shares were West Fraser Timber Co Ltd, down 6.4 per cent, Norbord Inc, down 4.9 per cent, and First Quantum Minerals Ltd, lower by 4.9 per cent.
Wall Street ended flat on Friday as gains led by Intel, real estate companies and utilities were offset by Facebook after the social network disclosed a security breach.
Based on the latest available data, the Dow Jones Industrial Average rose 18.31 points, or 0.07 per cent, to 26,458.24, the S&P 500 lost 0.06 points, or -0.00 per cent, to 2,913.94 and the Nasdaq Composite added 4.39 points, or 0.05 per cent, to 8,046.35.
Oil prices rose more than 1 per cent on Friday, with Brent climbing to a four-year high, as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.
Brent crude futures rose $1 to settle at $82.72 a barrel. The session high of $82.87 was the contract’s highest since Nov. 10, 2014. In the third quarter, Brent has gained about 4 per cent.
U.S. West Texas Intermediate (WTI) crude futures rose $1.13 to settle at $73.25 a barrel. The session high of $73.73 was the highest since July 11. The contract is up about 5 per cent this month but down around 1 percent for the quarter.
A new round of U.S. sanctions on Iran, the No. 3 producer in the Organization of the Petroleum Exporting Countries (OPEC), kicks in on Nov. 4.
“Potential for a supply shock because of declining oil production in Iran and Venezuela will remain bullish on oil prices, and the second round of U.S. sanctions on Iran in November will further support the sentiment,” said Abhishek Kumar, senior energy analyst at Interfax Energy in London.
Reuters