Markets

Update: TSX in Triple Digit Decline, Off 101 Points, as Geopolitical Tensions Rise

Canada's main stock market suffered a triple digit decline Tuesday as investors returned following a long weekend to rising geopolitical tensions. The S&P/TSX Composite Index shed 101 points or 0.7% to close at 15,090.

Nearly every TSX sector was in the red, dragged down by financials, which did most of the damage today, losing 1.2%, along with industrials. On the plus side, energy gained 0.4% as oil ran up nearly 3%. Materials were also stronger as gold was up more than 1%.

In stock news, Canadian Natural Resources (CNQ.TO) shares rose 1.3% after it agreed to buy Cenovus Energy's (CVE.TO) Pelican Lake heavy oil operations and other Northern Alberta assets for $975 million in cash. CVE shares gained nearly 3%. Teck Resources (TECK-B.TO) plunged 6% after China Investment Corp. reduced its holding in the mining company by more than one-third, to 10.4%. Influential stocks today included RBC (RY.TO), down 1.5% and Manulife Financial, off 2.6%.

In economic news, there were no fresh economic reports in Canada today. All eyes will be on the Bank of Canada Wednesday as it releases its latest interest rate decision. Economists are split over whether the Bank will stand pat or raise rates by 25 bps.

The Canadian dollar rallied seven-tenths of a cent to 80.78 US on expectations interest rates will go up tomorrow.

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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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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