TSX Ends Week On Sour Note As Oil Falls -- Canadian Commentary

(RTTNews) - Canadian stocks fell Friday as oil prices tumbled, leaving Toronto's main index flat for the week.

The TSX Composite Index lost 81.51 points, or 0.53 percent, to 15,183.13. Energy stocks fell 1.7 percent.

Sept. WTI oil settles at $45.77/bbl, down $1.15, or 2.5%, on Nymex. Prices were down 2.1% for the week, tumbling from a 6-week high set Wednesday.

OPEC meets Monday to discuss its supply quota plan. Markets doubt that Saudi Arabia will be able to bully Libya and Nigeria, the two OPEC nations that have been thus far exempt from supply cuts, into compliance.

Traders assessed a pair a economic reports, including data showing inflation slowed to the lowest since 2015.

The Consumer Price Index (CPI) rose 1.0% on a year-over-year basis in June, following a 1.3% increase in May, Statistic Canada said today.

However, retail sales increased for the third consecutive month, rising 0.6% to $48.9 billion in May. This means further rate hikes from the Bank of Canada are expected.

In corporate news, Encana Corp (ECA.TO) posted a quarterly profit compared with a loss a year earlier, despite lower production. Shares rose 1.4 percent.

Husky Energy (HSE.TO) reported its net loss narrowed to $93 million last quarter, but results were short of estimates. Shares fell 2.6 percent.

Bombardier (BBD.B.TO) and Germany's Siemens are in the final stages of talks to combine their rail operations, Reuters reports. BBD shares slipped 1.7 percent.

Gold stocks were flat, bucking the day's downtrend. August gold climbed $9.40, or 0.8%, to settle at $1,254.90/oz, having picked up 2% this week. Silver has also rallied, fighting back from yearly lows over the past two weeks.