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
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
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