Markets

After Being Under Water From Off, TSX Closes Down 40 Pts; But Off Bottom Levels

After being under water from the off, Canada's main stock market eventually ended the session back near where it opened - down more than 40 points, but at least off bottom levels under 11,590 hit early afternoon. Rising Spanish bond yields sparked fresh concerns over Europe's debt crisis.

Crude oil for August delivery on the New York Mercantile Exchange closed down $1.22, or 1.3%, at US$91.44 a barrel, breaking from the recent upturn that saw seven straight higher settlements, on concerns about the European economy - and particularly for now, Spain. Oil was still up 4.9% for the week. Heavyweight Suncor (SU.TO) eased.

Gold for August delivery on the Comex division of the New York Mercantile Exchange closed up $2.40, or 0.2%, at US$1,582.80 an ounce, just off its high of the day of $1,586.30. The active contract was weaker throughout much of the morning as the U.S. dollar gained ground against the euro amid nervousness over rising European bond yields. But gold later retraced those losses with the help of news out of Russia that it had boosted its bullion reserves in June by 6.2 tons to 836.3 tons.

The outlook for next week is mixed. In a survey of market participants by Kitco News, 10 of 22 see prices rising next week, while six see prices down and six are neutral. TSX precious metals stocks were mildly positive at mid-afternoon, with Kinross (K.TO) and Goldcorp (G.TO) both up just over 1%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos