TSX Loses 110 Pts As Winning Streak Ends At Six Days
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 sell-off.