TSX Closes Down 120 Pts As Lower Commodity Prices Weigh On Energy, Mining Stocks; Baja Leads The Resistance
Despite a brief attempt to reach parity very early on, Canada's main stock market moved downwards for nearly all of Friday's session and ended it 120 points lower and near day lows. Better than expected U.S. jobs data
data drove commodity prices lower and this especially weighed on energy and mining stocks on the resources heavy Toronto Stock Exchange.
One of those to defy the overall trend was Baja Mining Corp (BAJ.TO) which gained 38% or 4 cents in climbing further away from a year low of 4 cents with more than 7 million shares traded after announcing that a Korean Consortium has advanced an additional US$84 million for the construction of the Boleo Project.
Crude oil futures dropped Friday, to finish the week with a 1.7% loss, weighed down as better-than-expected data on U.S. jobs helped strengthen the U.S. dollar and amid worries over a drop in energy demand following super storm Sandy, MarketWatch reported. December crude oil fell around 2.5% to settle at US$84.86 a barrel. Futures prices settled at their lowest level since July 10, according to FactSet.
Gold futures fell Friday, settling below US$1,700 an ounce at their lowest since late August as the U.S. dollar gained following upbeat jobs data, pressuring prices for dollar-denominated commodities such as gold, MarketWatch reported. Like with December crude oil, gold for December delivery dropped around 2.5% to settle at US$1,675.20 an ounce. Futures prices lost 2.1% for the week, their fourth weekly loss.
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