TSX Ends Quarter With A Thud, Loonie At 2017 High -- Canadian Commentary

(RTTNews) - Canadian stocks fell Friday as the loonie strengthened to its best level in nine months versus the dollar, exacerbating worries about exports.

The TSX Composite Index was down 31.23 points to 15,182.19, extending weekly losses.

Energy stocks struggled despite crude oil futures jumping to their best levels of the month.

Baker Hughes Friday reported that the number of active U.S. rigs drilling for oil declined by two to 756 rigs this week. The rig count had risen 23 weeks in a row.

August WTI oil jumped $1.11, or 2.5%, to settle at $46.04/bbl, the highest in a few weeks.

Still, WTI oil prices ended the first half of the year down more than 14%, dropping to the lowest in 10 months a week ago.

Speculation that the Bank of Canada will soon raise interest rates has weighed on the market in recent days. BoC Poloz hinted mid-week that ultra-accommodative monetary policy has run its course. "It does look as though those (rate) cuts have done their job", said Poloz.

However, today's GDP data may give some reason for pause. Data from Statistics Canada showed that Canadian GDP rose 0.2 percent on a seasonally adjusted monthly basis in April. This was in line with economists' expectations and follows a 0.5 percent growth in March.

Home Capital Group (HCG.TO) was flat despite griping from investors griping that Warren Buffett purchased shares at a deep discount.

"This investment from Berkshire Hathaway validates the underlying strength of our business and marks another major step in the rebuilding of confidence in the company," said Chair Brenda Eprile, in a statement Thursday.

Husky Energy (HSE.TO) plans on shutting its gasoline unit at its Lima, Ohio, refinery in September for roughly six weeks, Reuters reports. Shares slipped 2 percent.

Markets are closed Monday for Canada Day.