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Update: TSX Declines for Second Straight Day as Energy & Cannabis Stocks Fall, Along with Tech Shares


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Canada's main stock fell Friday in a decidedly risk-off session as losses in Asia and Europe gave way to declines in North America. The S&P/TSX Composite Index dropped 83 points or 0.5% to close at 15,274. For the week, the TSX gained 1%. U.S. markets were also weaker, with the Dow Jones falling 200 points and the Nasdaq losing 1.65%.

On the TSX, healthcare led decliners with a 3% loss. Tech was off 2.7% while energy shed 1.7% as oil declined for the 10th straight session but remained above US$60 per barrel. The 10-session skid is the longest for WTI oil since 1984. Materials were off 1.5% while financials shed 0.1%. Consumer staples, industrials and utilities were all positive, limiting today's losses.

In stock news, heavily traded Aurora Cannabis was off 5% while Aphria (APH.TO) shed 3%. Bombardier (BBD-B.TO) recovered 9% today after losing more than 24% on Thursday following an announcement that the train and plane maker would cut 5,000 jobs. Energy stocks were also lower today, including Baytex Energy (BTE.TO) down 4% and Canadian Natural Resources (CNQ.TO) off 2.6%.

The economic calendar was empty on Friday. Next week is also quiet, with only the September manufacturing survey and international securities transactions due, both next Friday. The Supreme Court ruled Friday that Ottawa can create an opt-in national securities regulator, even if Quebec and Alberta disagree with the concept. Five provinces -- including Ontario and British Columbia -- have already joined the Capital Markets Regulatory Authority, first proposed by the federal government in 2013.

The Canadian dollar lost nearly a third of a cent to 75.72 US, driven by a generally stronger greenback, although the near free-fall in WTI crude oil prices was the main feature of Friday's FX trade.

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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This article appears in: Investing , Stocks



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