🚀 ProPicks AI Hits +34.9% Return!Read Now

CANADA STOCKS-TSX slides as financial, energy stocks lead broad retreat

Published 2017-06-15, 11:10 a/m
© Reuters.  CANADA STOCKS-TSX slides as financial, energy stocks lead broad retreat
HG
-
CL
-
GOLD
-
GSPTSE
-
BN
-
CNQ
-
CVE
-
HCG
-
RY
-

* TSX down 69.15 points, or 0.46 percent, to 15,100.98

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

* Financial stocks fall 0.5 percent, energy stocks fall 1.2 percent

TORONTO, June 15 (Reuters) - Canada's main stock index fell on Thursday, tracking global markets that fell on concerns over the pace of economic growth, as bank stocks led broad declines and energy stocks were squeezed by oil prices that hit six-week lows.

Financial stocks, which account for roughly a third of the index's weight, slipped 0.5 percent. Brookfield Asset Management BAMa.TO fell 1.2 percent to C$50.05 and was among the most influential decliners. Royal Bank of Canada RY.TO was also a key index mover, despite seeing only a modest 0.6 percent fall to C$92.82.

Alternative lender Home Capital Group HCG.TO was one of the few bright spots that offset some of the group's declines. Shares rose 12.9 percent to C$13.70 after the company reported late on Wednesday it had reached a settlement agreement with the Ontario Securities Regulator accepting responsibility for misleading investors about problems with its mortgage underwriting procedures. Shares surged as much as 19.3 percent to C$14.47 in early trading. 10:53 a.m. ET (1453 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE fell 89.01 points, or 0.59 percent, to 15,081.12. All 10 of the index's main groups lost ground.

The influential energy group, which had see-sawed between gains and losses in morning trading, retreated 1.2 percent, as oil prices touched a six-week low. The commodity was pressured by high global inventories and doubts over OPEC's ability to implement production cuts as promised. U.S. crude CLc1 prices were down 0.6 percent to $44.45 a barrel. O/R

Canadian Natural Resources CNQ.TO fell 1.9 percent to

C$36.65, while Cenovus Energy CVE.TO lost 2.7 percent to

C$10.66.

The materials group, which includes miners, fertilizer and lumber companies, lost 1.0 percent as metal prices, including copper and gold, fell. Barrick Gold ABX.TO retreated 1.5 percent to C$20.775.

Technology stocks were down nearly 1 percent, mirroring U.S. tech shares, which fell on worries over stretched valuations.

Declining issues outnumbered advancing ones on the TSX by 177 to 65, for a 2.72-to-1 ratio on the downside.

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.