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

CANADA STOCKS-TSX posts largest drop since September on travel curb jitters

Published 2017-01-30, 11:24 a/m
© Reuters.  CANADA STOCKS-TSX posts largest drop since September on travel curb jitters
XAU/USD
-
WCB
-
GC
-
CL
-
GSPTSE
-
CNQ
-
SAP
-
RY
-

(Adds details throughout on stocks and sectors and updates prices)

* TSX down 203.44 points, or 1.31 percent, at 15,372.37

* All of the TSX's 10 main groups were lower

TORONTO, Jan 30 (Reuters) - Canada's main stock index fell to a nearly two-week low on Monday and was on track for its deepest loss since September after a travel ban implemented by U.S. President Donald Trump triggered uncertainty for investors.

Wall Street also lost ground after Trump on Friday signed executive orders to bar admission of Syrian refugees and suspend travel to the United States from Syria, Iraq, Iran and four other countries on the grounds of national security. will offer temporary residency to any travelers stranded by the ban.

At 11:01 a.m. ET (1601 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE fell 203.44 points, or 1.31 percent, to 15,372.37. It last lost more than 1.3 percent on Sept. 13, while it touched its lowest intraday since Jan. 18 at 15,368.80.

Lower oil prices were an additional drag on energy stocks, with Canadian Natural Resources Ltd CNQ.TO declining 3.9 percent to C$38.74 and the overall energy group slumping to its lowest since mid-November, down 3 percent.

The energy group got a boost last week from revived prospects for the Keystone XL pipeline, but investors have been worried about a potential U.S. border adjustment tax.

U.S. crude CLc1 prices were down 1.1 percent at $52.57 a barrel as news of another weekly increase in U.S. drilling activity spread concern over rising output. O/R

Some of the most influential weights on the TSX included the country's major bank stocks. Royal Bank of Canada RY.TO fell 0.9 percent to C$93.64, while the financials group was down 1.2 percent.

All of the index's 10 main groups were lower, with industrials falling 1.4 percent and information technology sliding 1.9 percent.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.5 percent.

Gains for gold stocks tempered losses for the materials group, with Barrick Gold Corp climbing 2.2 percent to C$23.90 as gold rose.

Gold futures GCc1 rose 0.8 percent to $1,197.3 an ounce, supported by political uncertainty. GOL/

Canadian dairy company Saputo Inc SAP.TO said it will make an all-cash takeover offer for the 12 percent of Australia's Warrnambool Cheese and Butter WCB.AX it does not already own, valuing the company at A$682 million ($515 million).

Saputo's shares dipped 0.1 percent to C$48.18.

Two suspects were under arrest after a shooting at a Quebec City mosque on Sunday evening killed six people and wounded eight, but police declined to give details of their identity or possible motives.

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.