TSX Fails To Make It Four Days of Gains In A Row

By MidnightTrader.com Staff,

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Canada's main stock market, the Toronto Stock Exchange, Wednesday failed to make it four days of gains in a row by closing down nearly a dozen points, about the same amount as gained yesterday. Most sectors were down with the Energy and Mining ones among those weighing most on the resources heavy index.

According to Bloomberg, brent oil rose from a 13-month low on speculation prices decreased more than justified given supply threats and the ability to ship excess barrels. West Texas Intermediate advanced, it said.

Bloomberg also reported that copper futures slumped the most in 10 weeks as industrial production trailed analyst estimates in China. Metals from aluminum to zinc declined, it said.

However, gold futures gained for a second straight session, largely on weak U.S. retail sales data for July which, in effect, damps any talk of a sooner than expected rise in interest rates in that country, as some were hoping for. This kind of development tends to hurt the greenback and boost some alternative havens like gold. Continued geopolitical concerns in Ukraine, Iraq and Gaza also promotes gold as a safe haven investment.

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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