TSX Closes Down 115 Pts; Weak U.S. Jobs Data, Geopolitical Concerns, Profit-Taking and Talk of Correction All Take Their Toll


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Canada's main stock market, the Toronto Stock Exchange, lost 115 points Friday, adding to the 190 points lost yesterday, taking the resources heavy index well away from the record high levels it was running near earlier this week, and last. Today, weaker than expected job numbers out of the States once again damped hopes that the economy there - Canada's largest trading partner- is, in fact, out of the recovery room after the most recent recession and on the way to being healed.

Geopolitical concerns around Gaza and the Ukraine was probably another factor to impact investor sentiment.

Also, many investors continued to take profits and positions ahead of a Civic Holiday in Canada on Monday, and on talk that North American equity markets are due a serious correction after recent strong runs up.

Among sectors, all were lower, except for Info Tech. The heavweight Energy, Financial and Mining sectors led the declines.

Of commodities, gold was down for the week although it recovered some ground Friday on weaker than expected U.S. Labor Department nonfarm payrolls data. According to a report on Kitco News, analysts said geopolitical and technical-chart factors may move more to the forefront in the gold market next week since the U.S. economic calendar will lighten.

On oil, West Texas Intermediate crude landed its biggest weekly drop in seven months amid talk of lower demand as refineries slow operations. Brent also slipped.

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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