Canadian Stocks Close Lower; EM Tensions Generate Volatility; Fortis Inc. Most Active

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Canadian stocks closed lower on Friday, as tension in the Emerging Markets spilled over into the TSX. Most sectors were lower with Metal and Mining along with Industrials leading the way, but Utilities bucked the trend.

In the Emerging markets Argentina's peso suffered its worst fall since the country's crisis 12 years ago on Thursday and Friday, plummeting 11% to an official rate of around 7.9 to the dollar.The collapse in the peso came after the central bank appeared to have stopped defending the currency amid a deepening of Argentina's current economic woes, which include inflation of 25%.

Fortis Inc. (FTS-IR.TO) was the most active share on the TSX with no fresh stock specific news driving volume. The stock closed down 4.75% with 34 million shares changing hands.



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This article appears in: Investing , Commodities

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As of 7/28/2014, 11:25 AM