Canada's main stock market, the Toronto Stock Exchange,
recovered from a day low 15,406.10 hit early in Monday's session as
the resources heavy index was impacted by weak commodity prices and
some nervousness ahead of a busy week for U.S. economic data. There
are concerns that all of the U.S. data might show the economy there
is still struggling to pull itself out of the recessionary
But the TSX - which hit record highs 15,503.40 last week -
continues to hold plenty of appeal for investors as equities
represent an alternative investment to say gold and the index
fought its way back to close little changed, even tip toeing back
in to positive territory in the closing minutes before settling
Of individual stocks, Athabasca Oil Corp. (ATH.TO) hit its
lowest intraday price in seven months after saying it's still
trying to collect a C$1.32 billion payment from PetroChina Co. for
a Canadian oil-sands project. The shares were down near 7% late in
Of sectors, most were higher, with Energy, Industrials and Info
Among commodities, gold futures prices ended the U.S. day
session little changed ahead of a busy week for U.S. economic data
that will include the Federal Reserve's Open Market Committee
(FOMC) meeting on Tuesday and Wednesday, a key employment report on
Friday and second-quarter GDP report Wednesday.
Oil slipped as the flow of oil from the Middle East continues,
despite geopolitical concerns in the region.
According to Bloomberg, speculators are fleeing natural gas
after prices dropped below US$4 for the first time since December
and power plant production fell to a 13-year seasonal low.
Bloomberg said hedge funds reduced net-long positions, or bets on
rising prices, by 11% in the week ended July 22, the U.S. Commodity
Futures Trading Commission said. Bullish wagers have declined 51%
since February, it added.
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