TSX Loses 1% As Canadian Investors Wait For Central Banks to Spur Buying - Particularly of Commodities

By Midnight Trader,  August 02, 2012, 04:06:01 PM EDT

Although the actual figures showing the gains and losses made were different today, this session on Canada's main stock market mirrored that of yesterday. Strong morning gains, a bigger slump early afternoon and all attempts to recover after that quashed.

In the end the Toronto Stock Exchange closed down 112 points or 1% on Thursday, reflecting investor disappointment that European Central Bank President Mario Draghi didn't announce immediate or short-term plans to push down borrowing costs for embattled euro zone members. It may be September before anything happens on that front.

Gold prices sank for a third straight session Thursday and crude oil also fell as a lack of central bank action was seen to signal that buying, demand for these commodities won't increase in the near term, making it less attractive for investors to hold related stocks on the resources heavy TSX.

Most actively traded was Kinross (K.TO, KGC) which fell 5% to near year lows with 7.75 million shares traded after it announced today that its board of directors has appointed J. Paul Rollinson (formerly Executive Vice-President, Corporate Development) as Chief Executive Officer, replacing Tye W. Burt. Rollinson has also replaced Burt on the Kinross Board of Directors.




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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