Update: TSX Posts 58-Point Decline in Late Day Slump as Crude Oil Prices Fall

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Canada's main stock market declined on Thursday as energy and financial shares lost ground. The S&P/TSX Composite Index fell 58 points or 0.4% to close at 15,742. The market gave up small early gains to dip into the red around the noon hour, and fell further late in the trading session.

Weakness on the TSX was paced by energy, off 1.7%, as well as financial and material issues, which overshadowed gains in consumer staples (+1%) and industrials. Crude oil was down 1.4% while gold, silver and copper were all stronger.

In stock news, Jean Coutu (PJC-A.TO) shares lost 0.1% after the pharmacy company posted stronger quarterly revenues, but weaker profits. Earlier this month, grocery chain Metro (MRU.TO) said it had reached a deal to purchase Jean Coutu for $4.5 billion. Heavily traded Birchcliff Energy (BIR.TO) gained 1.5% while Canopy Growth (WEED.TO) shed 4% following an analyst downgrade on valuation worries. Suncor Energy (SU.TO), one of the day's most influential shares, lost 2%.

In economic news, Canada's new home price index grew 0.1% m/m in August. Prices were steady in 15 of the 27 census metropolitan areas that Statistics Canada calculates, which includes Toronto and Vancouver. The new home price index grew 3.8% y/y in August. Vancouver grew 7.8% y/y, matching the growth pace in July. Toronto home prices expanded 6.7%, but that is down from the 9.9% y/y rate in April that was the best for the year. Meanwhile, the Teranet-National HPI slipped 0.8% m/m in September following the 0.6% gain in August. The pull-back follows a run of monthly increase stretching back to February 2016. The annual growth rate slowed to 11.4% from the 13.1% y/y rate of increase in July.

The Canadian dollar was little changed at 80.23 US.

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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