Canada Stocks Close Down; Energy and Industrials Lead Decline; Southern Pacific Resource Most Active
Canadian stocks closed lower on Wednesday notching up the largest 1-day loss of the month. All sectors were lower, led down by Industrials.
A sell-off in WTI crude oil led to a decline in energy shares, which pushed the TSX through the 50-day moving average. The next level of target support for the TSX is the 100-day moving average near 12,975.
Southern Pacific Resources was the most active share on the TSX. Today the Board of Directors initiated a process to identify, examine and consider strategic and financial alternatives. The stock closed down 50% with 24 million shares changing hands.