TSX Closes Down Nearly 120 Pts, Fourth Successive Loss This Week; Bombardier Hits Near 4 Yr Lows
Canada's main stock market recorded its fourth loss in as many days on its way to hitting three month low levels Thursday as disappointing U.S. and European economic data seemed to indicate that an end to the global economic crisis is still a long way off. The Toronto Stock Exchange lost nearly 120 points, but still ended around 50 points higher than its day low hit early afternoon.
Bombardier (BBD-B.TO# was easily the most active with around 44 million shares traded. It fell more than 6% to under $3, its lowest level in the best part of four years after a series of negative ratings downgrades and reports.
Another big weight was Poseidon Concepts Corp (PSN.TO) which lost nearly two thirds of its value and hit its lowest levels since listing a year ago. Wednesday it announced third quarter 2012 results and new product and service offerings.
The sectors that lost the most in percentage terms were Utilities down around 2.5% and Industrials down 1.5%). The only sector to remain positive was that of the Info Tech issues.
Crude oil for December delivery fell 1% to $85.45 a barrel on the New York Mercantile Exchange. Gold futures dropped Thursday, coming under pressure after a report about a decline in quarterly global demand for the precious metal, MarketWatch reported. Gold for December delivery slumped nearly 1% to settle at $1,713.80 an ounce on the Comex division of the New York Mercantile Exchange. December gold traded as low as $1,704.50.
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