Canadian stocks closed lower on Wednesday, down 8 points, on
disappointing jobs data in the States, which is Canada's largest
trading partner. But while Canada stocks failed to hold on to small
gains recorded mid-afternoon, they did manage to close 50 points
higher than where they were in the early going.
Sectors were mixed with Metals and Mining the best performer in
a down tape. Five of the six most active stocks were higher with
Air Canada hitting multiple year highs gaining 4%.
Stocks were weighed down by a worse than expected US ADP Private
Employment Report. According to the Automatic Data Processing, the
US created 166,000 private jobs in September, compared to the
178,000 expected by economists. Augusts number was also revised
lower by 17,000 jobs.
Energy shares were on the defensive, despite a rebound in oil
prices which closed higher for the first time in 4 trading
sessions. WTI crude oil for November settlement close up $2.06 at
Mirabela Nickel Ltd. (MNB.TO) was the most active share for the
second consecutive trading session. This comes on the heels of an
announcement on Monday that the company had received notification
from one of its two customers, Votorantim Metais Niquel S.A., that
Votorantim intends to close their smelting facilities from November
2013 due to the adverse nickel market conditions. The stock close
up 100% with 15 million shares changing hands.
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