Canada Stocks Close Lower, But Well Above Day Low Levels; Most Sectors Down As Index Runs Out On Energy


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Canadian stocks closed lower on Friday at near 14,535, but well above a day low level of 14,470 hit late morning. Most sectors were down led by Energy and Telecom, but Info Tech and Mining bucked the trend.

Energy shares dropped largely with oil prices after the U.S. government midweek revealed record-high stockpiles of crude oil. There was also probably some profit taking. Energy stocks, which have rallied 13% this year for the best performance among 10 groups, fell 0.54% today, Bloomberg noted.

A warning from Canadian Oil Sands (COS.TO) that unexpected maintenance could hurt its annual output didn't help sentiment for the sector. COS - which lost nearly 4% Friday - said it will revise overall 2014 guidance in the coming days.

June gold futures rose Friday, settling at US$1,300.80 an ounce on the Comex division of the New York Mercantile Exchange. They were up 0.5% on the week.

Kitco News points out that next week is "chock-full of possible market-moving events for the gold market," with a Federal Reserve monetary policy meeting and April nonfarm payrolls data set for release. Additionally, it says, any change in the standoff between Russia and Ukraine has the ability to move markets.

"Gold traders will have to be nimble next week as these headline-making events could cause volatile market action," it adds.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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