Canada's main stock market closed down 61.15 points Wednesday,
taking its lead from U.S. markets which were down on a warning from
Alcoa Inc (
) about slower aluminum consumption. This has raised the prospect
of a disappointing earnings season ahead not just for the U.S., but
for Canada too.
There were signs that bargain hunters might be set to move in
and take control when the index managed to sneak in to positive
territory late morning (after opening around 30 points lower than
the previous close), but the buying didn't last long and, indeed,
the pace of selling increased on either side of midday.
All sectors bar the Telecom one (which contains companies with a
good reputation for paying dividends) lost ground, with the Energy
and Metals & Mining ones losing most in percentage terms.
November crude fell US$1.14 to $91.25 a barrel on the New York
Mercantile Exchange. Gold for December delivery edged up 10 cents
to $1,765.10 an ounce on the Comex division of the New York
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