💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

CANADA STOCKS-TSX falls as lower oil prices, weak retail sales data weigh

Published 2016-02-19, 05:07 p/m
© Reuters.  CANADA STOCKS-TSX falls as lower oil prices, weak retail sales data weigh
POT
-
CL
-
BHC
-
GSPTSE
-
CNQ
-
ENB
-
MFC
-

(New throughout, updates prices and market activity, adds
comments from portfolio manager, details on health care and
financial stocks)
* TSX closed down 117.96 points, or 0.91 percent, at
12,813.40
* Eight of the TSX's 10 main groups fall

By Fergal Smith
TORONTO, Feb 19 (Reuters) - Canada's main stock index fell
on Friday, led by a drop in health care, energy and financial
sector stocks, as crude oil prices tumbled and domestic retail
sales disappointed.
The health care group fell 3.7 percent. It included a 9.6
percent slide in the shares of Valeant Pharmaceuticals (N:VRX)
International Inc VRX.TO to C$117.00.
The energy group retreated 1.7 percent while the heavyweight
financials group fell 0.5 percent, as domestic data showed signs
of slowing consumer demand and growing inflationary pressures.

Signs of weaker economic growth has joined uncertainty
related to energy loan books and an "overheated housing market,"
adding to investor concerns about bank stocks, according to
Diana Avigdor, head of trading at Barometer Capital Management.
Banks begin to report quarterly earnings next week.
The concern is that each time they don't show deterioration
in performance they are "pushing out the inevitable," said
Avigdor.
Oil prices fell as record high U.S. crude stockpiles
intensified worries that a plan to freeze world output will do
little or nothing to reduce massive supplies already in the
market. O/R
U.S. crude CLc1 prices settled at $29.64 a barrel, down
3.67 percent.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed down 117.96 points, or 0.91 percent, at
12,813.40. Eight of the index's 10 main groups ended lower.
Still, the index posted a 3.5 percent gain on the
holiday-shortened week.
The market needs the long-term investor to get engaged in
order to take it to the next level, said Avigdor.
The most influential movers on the index also included
Canadian Natural Resources CNQ.TO , which fell 3.5 percent to
C$28.09, and Manulife Financial Corp MFC.TO which lost 2.5
percent to C$17.55.
Pipeline company Enbridge Inc ENB.TO fell 2.1 percent to
C$43.14, despite reporting higher-than-expected
profit.
The materials group, which includes precious and base metals
miners and fertilizer companies, fell 1.7 percent. It included a
6.6 percent drop in the shares of Potash Corporation of
Saskatchewan Inc POT.TO to C$22.06.
Retail sales slumped in December as unseasonably warm
weather in many parts of the country cut into seasonal
purchases.
The annual inflation rate picked up to 2 percent in January,
the highest since November 2014, lifted by food prices and a
rise in gasoline costs.
Consumer discretionary stocks fell 0.7 percent, but staples
rose 0.2 percent.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.