Canadian Stocks Extend Recent Downward Trend
(RTTNews) - Canadian stocks moved mostly lower during trading on Wednesday, extending the downward trend seen over the past several sessions.
The benchmark S&P/TSX Composite Index moved higher at the start of trading but slid firmly into negative territory as the day progressed, closing down 224.40 points or 0.6 percent at 35,235.87.
The index closed lower for the fifth time in the past six sessions, dropping to its lowest closing level in almost two months.
Materials stocks came under pressure on the day as the price of gold pulled back near the unchanged line after an early surge. Reflecting the weakness in the sector, the S&P/TSX Capped Materials Index slid by 1.6 percent.
Healthcare and financial stocks also showed notable moves to the downside, with the S&P/TSX Capped Health Care Index and the S&P/TSX Capped Financial Index falling by 1.3 percent and 1.1 percent, respectively.
Meanwhile, telecom stocks showed a significant rebound after falling sharply on Tuesday, driving the S&P/TSX Capped Communications Services Index up by 1.4 percent.
Energy stocks also saw some strength as the price of crude regained some ground following the substantial downturn seen over the course of the previous session.
