Markets

Canadian Market Struggling As Crude Oil, Metals Plunge in Value

Canadian stocks were sharply lower, with the S&P/TSX Composite Index holding near its low for the session down just over 1.2% at 12,331, a decline of about 150 points.

Commodity-related stocks were getting pounded, with the mining and materials sector sinking 3.7% and energy stocks falling almost 2% as a group. Bullion prices are continuing their declines, falling nearly 4% and testing resistance around $1,500 per ounce. Silver also was off almost 5% today while crude oil was down around 2.7% in late commodities trading.

Investors appeared to have abandoned resource plays after new data showed a surprise 0.4% slide in U.S. retail spending. Shares of consumer staple and telecom companies are scratching out small gains, the lone sectors rising in today's Canadian trade.

Dollarama Inc (DOL.TO) was nearly carrying the entire consumer staples sector by itself, rising nearly 6% after reporting Q4 earnings of C$1.04 per share, up from a $0.84 profit during the year-ago quarter. Net sales rose 20% and the discount retailer also raised its dividend.

In other company news, Blackberry Inc (BB.TO,BBRY) was narrowly lower, giving back a small advance earlier today that followed the smartphone-maker fighting back against a Detwiler Fenton analysis yesterday concluding customers were returning the company's new Z-10 phones "in unusually high numbers."

BBRY asked U.S. and Ontario securities regulators to review what it claims were "materially false and misleading comments, adding Z-10 sales are meeting expectations. BBRY shares fell 7.7% during yesterday's session after the Detwiler report.

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