Canada's main stock market, the Toronto Stock Exchange, lost out
for the first time in seven sessions. It ended Friday down 110
points or nearly 1% - albeit still around 40 points above day lows
hit mid-session - on lower commodity prices and some disappointing
earnings news. All sectors were lower with Metals & Mining
easily the biggest loser in percentage terms. Second worst hit was
the Energy sector.
Oil in particular was down today on data showing U.S. economic
growth was slower than expected, sparking fears this might lead to
lower demand for the resource.
Among stocks, TransCanada Corp. (TRP.TO) dropped more than 1%
after saying delays in getting a U.S. presidential permit for the
Keystone XL oil conduit will push back its start until the second
half of 2015. Companies like Lundin Mining (LUN.TO) and Barrick
Gold (ABX.TO) that saw strong gains earlier this week on their
respective results succumbed to some profit taking.
Acccording to Bloomberg, the benchmark equity gauge has gained
1.4% this week, paring its loss for the year to 1.6%.
On commodities, oil futures for June delivery shed 0.7% today to
end at US$93 a barrel, pressured by a lower-than-expected U.S. GDP.
For the week, oil added 5.4%. Meanwhile, gold futures closed down
0.6% today at US$1,453.60 an ounce, but prices added 4.2% this
week. Traders attributed the turn lower today to some profit taking
after it climbed this week following last week's massive