Total Losses For Canada Stocks This Week So Far Reach Near 300 Pts; Calfrac, Magna and HudBay Minerals in the News
Canada's main stock market, the Toronto Stock Exchange lost around 15 points inside the last half an hour or so to close down 45 points in all on Thursday, taking total losses this week so far to nearly 300. But it could have been so much worse as the resources heavy index was close to 150 points lower mid-morning today. The improvement in the overall index during the session at least in part reflected an improving oil and gold price.
According to BNN TV, trading volumes were more than 20% higher than the summer months' average.
Among individual stocks, Calfrac Well Services (CFW.TO) shares fell more than 5% and closer to 52 week lows after the oil services company said it is cutting its dividend by 75%, the second reduction this year, in response to low oil and natural gas prices .
Auto parts maker Magna International Inc (MG.TO) ended the day up 0.9% at $62.36, near late session highs and way above the late morning lows of $57.95 hit as analysts noted its exposure to Volkswagen. CIBC cut its rating on Magna to Sector Performer from Outperformer, and cut its target price to $52 from $62.50
According to BNN TV, the CEO of Hudbay Minerals (HBM.TO) said today on a conference call that he expects "chronic deficits" in copper over the next two to three years. HBM was up more than 1% from near 52 week lows.
Of commodities, in NYMEX Crude the November contract rose 1% to the US$45 bbl level, its first gain in three days on some weakening in the U.S. dollar. Gold futures settled at their highest levels in about five weeks. December gold rose 2% to near US$1,154 an ounce on Comex.
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