Markets

Update: TSX Market in Triple Digit Decline as Crude Oil Stumbles

Canada's main stock market could not escape Tuesday's global decline of equities, posting a triple digit fall as energy stocks lost ground on sharply weaker crude oil prices . The S&P/TSX Composite Index shed 127 points or 0.8% to close at 15,285. The index plunged more than 2% intraday, hitting a low of 15,094. South of the border, the Dow Jones and the S&P 500 lost about 0.5%, well above session lows. In Europe, the FTSE shed more than 1% while the German DAX was 2% weaker.

The TSX's energy sector lost more than 2% as oil prices plunged nearly $3 a barrel, hitting a two-month low. The healthcare sector dropped nearly 4% as cannabis stocks continued to lose ground. Materials shed 1.1% while financials were flat.

In stock news, heavily traded Aurora Cannabis (ACB.TO) fell 11% while Canopy Growth (WEED.TO) was down 2%. Aphria (APH.TO) managed a modest 1% increase.

There were no economic reports in Canada today. Wednesday brings the Bank of Canada's latest rate announcement, where a 25 bps hike is widely expected. The Bank will also release its Fall Monetary Policy Report and hold a press conference.

The Canadian dollar gained 9 basis points despite weaker oil prices, rising to 76.42 US.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

Other Topics

Stocks