Stocks Drag at Open
Stocks in Toronto opened lower on Friday, with energy and material stocks leading declines, even though data showed domestic retail sales remained unexpectedly strong in June. The TSX moved lower 126.52 points to open Friday at 20,138.85. The Canadian dollar moved lower 0.21 cents to 77.02 cents U.S. A state of Michigan lawsuit that aims to force Enbridge to stop operating the Line 5 oil pipeline underneath the Straits of Mackinac in the Great Lakes will be heard in federal court, a judge ruled on Thursday. Shares in Enbridge lost 20 cents to $55.84. Stifel FirstEnergy raised the target price on Crew Energy to $10.00 from $8.00. Crew grabbed a penny to $6.33. CIBC raised the target price on Karora Resources to $4.5 from $4.25. Karora shares doffed 18 cents, or 5.3%, to $3.22. On the economic front, Statistics Canada said retail sales increased 1.1% to $63.1 billion in June, the sixth consecutive increase. Sales were up in eight of 11 subsectors and were led by higher sales at gasoline stations and motor vehicle and parts dealers.
Stocks Drag at Open
Stocks in Toronto opened lower on Friday, with energy and material stocks leading declines, even though data showed domestic retail sales remained unexpectedly strong in June. The TSX moved lower 126.52 points to open Friday at 20,138.85. The Canadian dollar moved lower 0.21 cents to 77.02 cents U.S. A state of Michigan lawsuit that aims to force Enbridge to stop operating the Line 5 oil pipeline underneath the Straits of Mackinac in the Great Lakes will be heard in federal court, a judge ruled on Thursday. Shares in Enbridge lost 20 cents to $55.84. Stifel FirstEnergy raised the target price on Crew Energy to $10.00 from $8.00. Crew grabbed a penny to $6.33. CIBC raised the target price on Karora Resources to $4.5 from $4.25. Karora shares doffed 18 cents, or 5.3%, to $3.22. On the economic front, Statistics Canada said retail sales increased 1.1% to $63.1 billion in June, the sixth consecutive increase. Sales were up in eight of 11 subsectors and were led by higher sales at gasoline stations and motor vehicle and parts dealers.