Stock End Week On A Dour Note -- Canadian Commentary

(RTTNews) - Canadian stocks edged lower Friday, as disappointing U.S. economic data raised concerns about demand for exports.

Markets were in a cautious mood after strong gains earlier in the week, and crude oil prices fell amid speculation U.S. and Canadian production will skyrocket despite a significant supply glut.

A slew of corporate news also kept traders on their toes today.

The S&P/TSX Composite Index was down 39.71, or 0.25 percent, to 15,575.81, pulling up short of record highs that were challenged a few days ago.

Energy stocks fell 0.9 percent. TransCanada (TRP.TO) has submitted a new application for the Keystone pipeline, days after U.S. president Donald Trump pledged his support for the project.

Enbridge Inc. (ENB.TO, ENB) will take private Midcoast Energy Partners LP by acquiring all of the outstanding publicly-held common units of MEP for $170 Million. Shares fell 2.9 percent.

Potash of Sask (POT.TO) said its potash sales in the fourth quarter jumped 27 percent from a year earlier. Shares fell 2.1 percent.

Celestica Inc. (CLS) revealed earnings for its fourth quarter that increased compared to the same period last year. The company said its bottom line came in at $59.5 million, or $0.41 per share. The stock jumped 11.8 percent.

General Motors Co will cut 625 jobs at its auto assembly plant in Ingersoll, Ontario, by the end of July.

Doug Lamb, the chief financial officer for Postmedia Network, will be leaving the newspaper company at the end of February.

In economic news, U.S. fourth-quarter GDP climbed only 1.9%, short of estimates. U.S. durable goods orders fell 0.4% in December.