TSX Closes Down 1%; Bombardier Biggest Loser

By Midnight Trader,  November 07, 2012, 04:03:51 PM EDT

Canada's main stock index traded in a thin range for most of the afternoon before closing down around 130 points at 12,230 on Wednesday. But it might have been worse. It fell to near 12,200 before midday as investors were quick to turn their focus from Barack Obama's victory in the U.S. presidential election to the so-called 'fiscal cliff' issue that the United States - which is Canada's largest trading partner - now faces.

Most actively traded was Canada's Bombardier Inc (BBD-B.TO) which fell more than 4% to $3.45 and closer to a year low $3.30 with 14 million shares traded - more than twice the next most active stock. It has delayed by about six months the first flight of its C-Series jetliner because of issues related to suppliers, and said it would axe around 1,200 jobs in its train manufacturing.

All sectors were lower, among them the Energy and Metals & Mining sectors as renewed buying of Canadian commodities is seen unlikely to happen while the U.S. is preoccupied with its own economic problems. The Info Tech sector was actually the second biggest percentage loser behind Energy.

December crude oil fell nearly 5% to settle at US$84.44 a barrel on the New York Mercantile Exchange, hurt by a stronger U.S. dollar. Prices settled at their lowest since July 10, according to FactSet. Elsewhere, gold for December delivery fell $1 to settle at $1,714 an ounce. It gained nearly $32 on Tuesday ahead of the election results. December gold traded as high as $1,733 and as low as $1,703.




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.


This article appears in: Investing, Commodities

Referenced Stocks:



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