Canada Stocks Close Lower; Weak US Jobs Data Weighs on Stocks; Sectors Mixed; Mirabela Nickel Most Active Again

By Staff,

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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 $104.10.

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.

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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