Canada Stocks Down 50 Pts After Late Collapse; Phonetime Dials Up Lots of Interest, Most Active


Canada's main stock market, the Toronto Stock Exchange, failed to build on the near 100 points gained Thursday, losing gains that saw it more than 40 points higher just before midday. Although it spent the last two hours under par and was nearly 30 points down with about an hour to go, it did look inside the last hour as if it might get back to par. But strong late selling pressure saw the index collapse in the last few minutes and eventually close down 50 points.

Sectors were mixed with the biggest percentage move in Telecoms, which lost around 0.7% after strong gains on Thursday.

Gold closed with a 1.2% loss on Friday, as the likelihood of an immediate military strike against Syria faded. Earlier in the week gold saw some increased safe haven demand on the expectations that the U.S. would use military force against Syria following the governments alleged chemical weapons attack against civilians. Oil prices shed 1.1% today to close at $107.65 a barrel, gaining 1.2% for the week and about 2.5% for the month. Oil saw additional upside earlier in the week on Syria speculation.

Not helping sentiment either, gross domestic product rose at a 1.7% annualized pace from April to June, just above forecasts for a 1.6% rate. The quarter ended with a 0.5% fall for June, its biggest in nearly 4.5 years.

Among the most actively traded was Phonetime Inc. (PHD.TO) which edged up 1 cents to 10.5 cents, compared to a year high 11.5 cents, with nearly 4 million shares traded.

Earlier this week it expanded its senior bank facility to $3.5 million.

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

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This article appears in: Investing , Commodities

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