Markets

Canada Stocks Take Total Losses Over Last 7 Days To More Than 500 Pts; Cenovus and Detour Gold and Enbridge All in the News

Canada's main stock market, the Toronto Stock Exchange, in the end did add near 60 points in losses to the 466 points lost over the previous six trading days. Losses looked likely when the commodity heavy index fell from early day highs around 14,957.8 and lost nearly 300 points to hover near 14,666 and in negative territory mid-Tuesday afternoon. But some bargain hunters then stepped in and the TSX was back in positive territory inside the last 30 minutes, only to succumb yet again to selling pressures and end up back down almost at day low levels.

Among individual stocks, Cenovus closed up 0.6% as it moved to trim 2019 capital spending on low oil and gas prices. And, according to BNN Bloomberg TV, early voting showed that five of Detour Gold's nine (DGC.TO) directors, including its interim CEO, have been removed after pressure from Paulson. DGC rose 1.8%.

Elsewhere, Enbridge (ENB.TO) edged up on plans to lift its dividend by 10% from next year.

Among commodities, WTI January crude closed at US$51.65, up US$0.65 or 1.27%. Meanwhile, gold futures closed down US$2.20, -0.2%, at US$1,247.20 per ounce.

Meanwhile, Alberta Premier Rachel Notley announced her provincial government is seeking expressions of interest in relation to hearing from companies that are interested in building a new refinery to create new jobs and create more value in Alberta's bank of natural resources. According to Notley, her government knows companies are interested, has heard that "first hand." She added, "So We Are Stepping Up." Notley says her government will listen to proposals around new green field sites, or expanding existing brown field sites. The deadline for submissions is Feb. 8, 2019.

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

Stocks