Jan 22, 2021 (Baystreet.ca via COMTEX) -- Canada's main stock index opened lower on Friday, reversing almost all of its weekly gains, as upbeat domestic retail sales data failed to offset the weakness in energy and materials stocks.
The S&P/TSX Composite Index cratered 111.52 points to open the week's final session at 17,804.68
The Canadian dollar subsided 0.32 cents to 78.74 cents U.S.
Northern Dynasty Minerals said on Thursday its U.S. subsidiary Pebble Limited Partnership has filed an appeal with the U.S. Army Corps of Engineers over its decision to deny a key water permit for the contentious Pebble Mine in Alaska.
Northern Dynasty shares added four cents, or 6.2%, to 69 cents.
ATB Capital Markets raised the target price on Air Canada to $28.00 from $27.50. Air Canada shares shed one cent to $22.02.
RBC cut the target price on Loblaw Companies to $95.00 from $106.00. Loblaw shares backpedaled 42 cents to $63.10.
On the economic beat, Statistics Canada reported retail sales rose at their fastest pace since September, up 1.3% to $55.2 billion in November, the seventh consecutive monthly gain.
The agency says the increase was led by higher sales at food and beverage stores, along with an uptick in e-commerce sales.
The TSX Venture Exchange dropped 4.92 points to kick off Friday at 934.29.
All but one of the 12 TSX subgroups fell behind in Friday's first hour, with gold trailing yesterday's finish by 1.8%, energy staggering 1.6%, and materials off 1.4%.
The lone holdout was health-care, progressing 0.5%.
U.S. stocks fell on Friday, retreating from record levels, as investors reassessed the outlook for President Joe Biden's ambitious COVID stimulus plan.