Canadian Markets In A Slump; All Sectors Down, Led By Utilities, Health Care and Miners


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Canadian stocks are lower today on declines across all sectors, with the Utilities and Health Care sectors giving up the most in percentage terms amid continuing concerns about the slow pace of global economic recovery.

The Metals & Mining sector is 1% lower following a disappointing earnings report today by Iamgold (IAG, IMG.TO), down nearly 18% after missing Q3 profit estimates by $0.09 a share.

Here's where the Canadian markets stand today:

- S&P/TSX Composite Index down 116.09 (-1%) to 12,018.57.

- S&P/TSX Venture Composite Index down 19.33 (-1.5%) to 1,267.56.

In company news, ZaZa Energy ( ZAZA ) is up more than 6% a share - and has gone higher today - after agreeing to sell its French subsidiary to Canadian oil and gas company Vermilion Energy Inc (VET.TO) for $85.8 million. The sale of ZaZa Energy France SAS is expected to close by the end of the year and includes 100% working interests in the Neocomian complex and the Charmottes fields in the Paris Basin. Current production totals about 850 barrels per day of light Brent-based crude oil. VET.TO shares are up 1.3% at $48.10 each.

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

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This article appears in: Investing , Commodities


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