Markets

TSX Closes Down 160 Pts And With Downward Momentum; Air Canada A Rare Flyer

Canada's main stock market, the Toronto Stock Exchange ended Tuesday's session down 160 points or more than 1% - not helped by weak commodity prices and fears that world central banks are poised to turn off the taps on monetary stimulus, although concerns remains about the health of the global economy.

The index finished more or less back where it started, having opened 80 points lower from the previous close and fallen some more before it started to recover some ground. While it managed to pare its early losses by around 100 points, it couldn't sustain the effort and fell pretty consistently over the last three hours - closing with strong downward momentum to Wednesday.

All sectors bar Health Care were lower. Despite this, the easily most actively traded stock on the index was Air Canada (AC-B.TO), which flew 3% higher with nearly 12 million shares traded after yesterday presenting at its Investor Day Conference and providing an update on guidance.

Gold futures for August delivery ended down US$9 at $1,377 per ounce after the Bank of Japan stood pat on monetary policy. Futures fell as low as $1,364.50 in today's session, its weakest level since April.

Oil ended down US$0.39 at $95.36 a barrel. Oil futures came under pressure today after OPEC released a bearish report on oil demand. OPEC trimmed its oil-demand-growth guidance for the year by 10,000 bpd from the prior month's report. Demand still should increase by about 780,000 bpd in 2013, added OPEC.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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