Canadian Market Down In Negative Territory As Gold Stocks Decline
(RTTNews) - The Canadian stock market was modestly lower Wednesday morning, weighed down by losses in the materials section after gold prices declined sharply.
The mood was cautious amid worries about global economy, political uncertainty in the U.S., and concerns over U.S.-China trade dispute.
Despite weak crude oil prices, energy shares are turning in a mixed performance, with a few key counters in that section attracting strong buying interest.
The benchmark S&P/TSX Composite Index, which declined to a low of 16,725.79, was down 37.25 points, or 0.22%, at 16,761.08 at noon.
Eldorado Gold (ELD.TO), Torex Gold Resources (TXG.TO), Kirkland Lake Gold (KL.TO), Novagold (NG.TO), B2Gold Corp (BTO.TO), Iamgold Corp (IMG.TO), Kinross Gold Corp (K.TO) and Agnico Eagle Mines (AEM.TO) lost 2 to 6%.
Among energy stocks, Crescent Point Energy (CPG.TO), Precision Drilling (PD.TO), Parex Resources (PXT.TO), MEG Energy (MEG.TO) and ARC Resources (ARX.TO) declined 1 to 2.5%.
On the other hand, Husky Energy (HSE.TO), Whitecap Resources (WCP.TO), Tourmaline Oil Corp (TOU.TO) and Seven Generations Energy (VII.TO) gained 1 to 2%.
Information technology stock BlackBerry (BB.TO) declined 3.4%. Healthcare stocks Aphria Inc. (APHA.TO) and Aurora Cannabis (ACB.TO) were down 4% and 2.5%, respectively.
Shopify Inc. (SHOP.TO) gained about 2.6%. Norbord Inc. (OSB.TO), Brookfield Asset Management (BAM.A.TO) and Canadian Imperial Bank of Commerce (CM.TO) were also up with solid gains.
U.S. stocks were recovering after a somewhat sluggish start. Data showing a notable jump in new home sales aided sentiment, while House Speaker Nancy Pelosi's directive to six House Committees to proceed with their investigations under the umbrella of the impeachment inquiry of President Donald Trump appeared to be prompting investors to stay a bit cautious.
In commodities, crude oil futures were down $0.96, or about 1.7%, at $56.33 a barrel.
Gold futures for December were down $17.70, or 1.1%, at 1,522.50 an ounce, while Silver futures for December were declining $0.283, or 1.52%, at $18.345 an ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.