Canada Stocks Close Lower; Fed Tapering Weighs on Stocks , Precision Drilling Most Active


Canada stocks closed lower on Thursday, hitting a six-week low, all sectors were down led by Healthcare and Metals and Mining. Investors were cautious ahead of the U.S. and Canada's employment reports which could shape price action for the balance of the year.

Economic data released in the US on Thursday continued to show that the worlds largest economy is growing moderately. The second look at Q3 GDP came in a 3.6% compared to the 3% expected by economists. On the jobs front, initial jobless claims declined by 23,000 to 298,000 compared to the 2,000 increase expected by economists.

Precision Drilling was the most active share on the TSX. The company released a statement stating that "Alberta Investment Management Company (AIMCo) sold its entire equity position in Precision Drilling Corporation, approximately 56 million shares, in an overnight marketed transaction. AIMCo acted independently of Precision in both its decision to exit its position and the facilitation of the overnight marketed transaction." The stock close down 9% with 72 million shares changing hands.

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This article appears in: Investing , Commodities

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