Canada's main stock index concluded its third losing week in a row by giving back some of its recent gains amid concerns out of China about the real estate market and the country's ban on cryptocurrencies.
Markets were hit early Friday by China's decision to declare digital currencies like Bitcoin illegal. That particularly affected the technology sector.
Canadian digital asset miner Hut 8 Mining Corp. lost 5.3 per cent to push the technology sector down 1.2 per cent.
There were also suggestions that Evergrande may have missed a debt payment, renewing questions about its solvency and the potential spillover effects on the global economy.
Evergrande has caused the market this week to focus on China's real estate and real estate finance and assess whether the key driver of the country's economy may be weaker for a significant period of time, says Geoff Castle, portfolio manager for PenderFund.
"I think that the headlines around Evergrande are kind of a bit of a late reflection of something that's been kind of a decade in the making, which is a bit of a potentially unsustainable situation in the Chinese property market," he said in an interview.
Investors are also considering the knock-on effects of Evergrande on commodities, interest rates and the availability of credit throughout Asia.
The S&P/TSX composite index closed down 59.27 points to 20,402.66, losing 87.7 points over a topsy-turvy week.
In New York, the Dow Jones industrial average was up 33.18 points at 34,798.00. The S&P 500 index was up 6.50 points at 4,455.48, while the Nasdaq composite was down 4.54 points at 15,047.70.
Health care and technology led the nine sectors that lost ground on the TSX.
The sector that includes cannabis producers fell 2.8 per cent as shares of Cronos Group Inc. and Canopy Growth Corp. decreased 5.1 and 4.5 per cent, respectively.
Materials slipped even as metal prices rose.
The December gold contract was up US$1.90 at US$1,751.70 an ounce and the December copper contract was up 5.45 cents at nearly US$4.29 a pound.
Energy was the leading sector on the day, gaining 1.3 per cent on higher energy prices.
The November crude oil contract was up 68 cents at US$73.98 per barrel and the November natural gas contract was up 15.7 cents at US$5.20 per mmBTU.
Whitecap Resources Inc. gained 9.3 per cent while Enerplus Inc. was up 4.8 per cent.
The energy sector currently faces attractive operating conditions, said Castle, as crude oil prices have rebounded to their highest level since mid July and natural gas prices continue to be strong.
"You're seeing as a result quite significant drawdowns in the product inventories and that means prices have been a bit higher, which means companies that are involved in that sector continue to be quite profitable right now," he said.
"And then the market is trying to gauge the degree that that will continue to be the case."
The Canadian dollar traded for 78.86 cents US compared with 79.03 cents US on Thursday.
This report by The Canadian Press was first published Sept. 24, 2021.
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Dockworkers kicked off a three-day strike at the Port of Montreal on Monday, shutting down two terminals that handle more than 40 per cent of container traffic at Canada's second-largest port.
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A man who authorities say spent 12 hours camped outside Donald Trump's golf course before Secret Service spotted him with a rifle pleaded not guilty on Monday to federal charges including attempted assassination.
Republican JD Vance and Democrat Tim Walz will meet Tuesday in the lone vice presidential debate of the 2024 election, bringing together undercards who have spent two months going after each other and the opposing nominees who top the major-party tickets.
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A California man charged with shooting and wounding two Jewish men as they left synagogues in Los Angeles last year was sentenced Monday to 35 years in prison, federal prosecutors said.
U.S. Vice President Kamala Harris poked at Donald Trump over crowd sizes, his refusal to debate again and his privileged background on Sunday as she hauled in campaign cash in California and held a raucous rally at the same Nevada venue where the Republican nominee had appeared just two weeks ago.
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Foreign Affairs Minister Melanie Joly is asking members of the United Nations to counter growing political polarization.
The Liberal government is announcing more details on its existing strategy and funding to fight hate crimes.
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The two astronauts stuck at the International Space Station since June welcomed their new ride home with Sunday's arrival of a SpaceX capsule.
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Canadian innovators and technical leaders gathered in Ottawa Thursday to demonstrate the latest cutting-edge technology.
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Toronto Raptors team president Masai Ujiri tried to lay to rest rumours that he has friction with Edward Rogers, the executive chair of Rogers Communications, Inc.
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On Saturday night at her parents’ home in Delaware, Ont. the Olympic bronze medallist in pole vault welcomed everyone who played a role in getting her to the podium in Paris.
General Motors’ Cruise autonomous vehicle division will pay a US$1.5 million penalty after the unit failed to fully report a crash involving a pedestrian, the National Highway Traffic Safety Administration said Monday.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
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One person is dead following a shooting in Toronto’s Weston neighbourhood Monday morning.
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One person was taken to hospital after an incident involving a motor-vehicle in northwest Calgary on Monday morning.
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The fourth and final walk in memory of Megan Gallagher drew around one hundred people in Saskatoon on Sunday.
RCMP are seeking tips after a church on Main Street in Loon Lake burned to the ground.
There were some tense moments in downtown Sudbury on Saturday night after patrol officers found a pipe bomb in the trunk of a vehicle during a traffic stop.
A pedestrian has died after reportedly getting struck by an OPP cruiser in Bala early Sunday morning.
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Students from three elementary schools in the Thames Valley District School Board (TVDSB) were taking part in a day of learning on the National Day for Truth and Reconciliation.
The City of London is informing drivers about temporary road restrictions on Wellington Street as part of the Downtown Loop Phase 3 finishing work and surface paving.
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OPP officers arrested a suspect while he was in the middle of a possible theft Sunday morning in Wasaga Beach.
U.S. Customs and Border Protection officers seized $11,000 US from an inbound American citizen at the Ambassador Bridge.
The City of Windsor has unveiled plans for the “Park in Perfect Harmony†initiative in the downtown core.
Shoppers can support local businesses at a pop-up sales event at Devonshire Mall.
The residential “school†survivor whose story sparked Orange Shirt Day — and the “Every Child Matters†movement — says she is worried the cause is being forgotten.
Seas of orange shirts have come to represent a growing awareness of Canada's history of oppressing Indigenous Peoples – but that awareness must translate into more "substantive changes" from the government, according to a B.C. chief.
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A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
The sentencing for three men convicted of helping lead and coordinate the COVID-19 protest blockade at Coutts, Alta., in 2022 has been delayed.
A 10-year-old boy from Lethbridge is being praised as a hero after a routine summer outing at the pool nearly turned tragic for his friend.
A man and woman have been charged after a Lethbridge ice creamery was broken into earlier this week. Staff arrived at Cookie Crimes, in the 300 block of Sixth Street South, just before 5:30 a.m. on Monday to discover the front window broken.
Overnight on Thursday as the community of Elliot Lake was resting to prepare for the upcoming Kraft Hockeyville celebrations, when vandals struck a building that has been top of mind for the northern Ontario city for more than a year.
Ontario Provincial Police remind the public that ‘a case is never closed until it is solved,’ while highlighting the force's continued investigation of the 1996 disappearance of Melanie Ethier.
Sault residents may notice some commotion on the Algoma University campus over the next two weeks as a team conducts an archaeological search.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people’s basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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