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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Barrick Gold Corp    ABX   CA0679011084

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TSX slips as retailers weigh, notches 0.9 percent rise on week

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09/01/2017 | 10:42pm CET
A sign board displaying Toronto Stock Exchange stock information is seen in Toronto

TORONTO (Reuters) - Canada's main stock index slipped on Friday as retailers pulled back on investor fears about the threat posed to their business by Amazon's Whole Foods Market acquisition a day after the index hit a three-week high.

Empire Co Ltd (>> Empire Company Limited), the parent company of the Sobeys and Foodland grocery chains, fell 4.7 percent to C$20.01, rival Loblaw Cos Ltd (>> Loblaw Companies Ltd) lost 3.5 percent to C$65.33, and Metro Inc (>> Metro, Inc.) was down 1 percent to C$40.82. The consumer staples group fell 1 percent overall.

Amazon is preparing to offer deliveries of groceries and other items within two hours in Vancouver starting in November and in Toronto from January, the Wall Street Journal reported late on Thursday, citing unnamed sources.

"That's a lot earlier than people were expecting," said Manash Goswami, portfolio manager at First Asset Investment Management.

The company has 13 Whole Foods Market stores in Canada, mostly in and around Toronto and Vancouver.

Rising energy stocks offset those losses even as oil prices held steady and gasoline slid for the first time since Hurricane Harvey hit the U.S. oil industry heartland, with Suncor Energy (>> Suncor Energy Inc.) up 1 percent at C$39.51 and Canadian Natural Resources Ltd (>> Canadian Natural Resources Limited) adding 0.7 percent to C$38.74.

The Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> ended down 20.27 points, or 0.13 percent, at 15,191.60.

Eight of the index's 10 main groups were in negative territory, although decliners only outnumbered advancers by a 1.2-to-1 ratio overall.

The index notched a 0.9 percent gain on the week, buoyed by robust earnings reports from the country's biggest banks and evidence of rapid growth in the domestic economy.

"Given the strong GDP print, investors may be taking a wait-and-see approach to see what the Bank of Canada does. Maybe they raise this month and so people are being a little more cautious," Goswami said.

Perceived chances of a Bank of Canada interest rate hike next week rose on Friday to 50-50, the overnight index swaps market indicated.

The most influential gainers included Toronto-Dominion Bank (>> Toronto-Dominion Bank), which extended gains from Thursday after reporting strong quarterly results. It was up 0.7 percent to C$67.50.

BRP Inc (>> BRP Inc), the maker of Ski-Doo vehicles, fell 1.7 percent to C$40.81 despite reporting earnings and revenue that exceeded analysts' expectations.

Alaris Royalty Corp (>> Alaris Royalty Corp.) jumped 5.6 percent to C$21.96 after the financing company said it had funded a new partner and CIBC analysts raised their price target on the stock to C$23.

(Reporting by Alastair Sharp; Editing by Jeffrey Benkoe and James Dalgleish)

By Alastair Sharp

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Financials ($)
Sales 2018 8 048 M
EBIT 2018 2 476 M
Net income 2018 840 M
Debt 2018 2 816 M
Yield 2018 0,86%
P/E ratio 2018 16,20
P/E ratio 2019 18,33
EV / Sales 2018 2,26x
EV / Sales 2019 2,18x
Capitalization 15 350 M
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 23
Average target price 18,5 $
Spread / Average Target 41%
EPS Revisions
Managers
NameTitle
Kelvin Dushnisky President & Non-Independent Director
John Lawson Thornton Non-Independent Executive Chairman
Richard J. Williams Chief Operating Officer
Catherine Phillipa Raw Chief Financial Officer & Executive Vice President
Matthew D. Gili Chief Technical Officer
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