Breaking News
0

CANADA STOCKS-TSX plunges to two week low on weak growth forecast, oil slump

Stock MarketsDec 06, 2018 10:20
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. CANADA STOCKS-TSX plunges to two week low on weak growth forecast, oil slump

Dec 6(Reuters) - Canada's main stock index plunged to its lowest level in more than two weeks on Thursday, as oil prices pulled down energy shares, while the Bank of Canada Governor Stephen Poloz predicted that low oil prices would hurt the country's economic growth.

* Comments from Poloz are likely to reinforce market expectations that the pace of future rate hikes will ease off, a day after the central bank kept interest rates on hold. Global stock markets slumped as the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the United States accelerated fears of fresh tensions between the two economic superpowers. GLOB/ .N

* At 9:52 a.m. ET (14:52 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 347.23 points, or 2.29 percent, at 14,835.41. The main index is on course for its biggest daily drop in over six weeks.

* The losses were broad-based with all of the index's 11 major sectors in the red, with the energy sector's .SPTTEN 4.5 percent slump leading the decliners.

* Oil tumbled in a volatile session after OPEC signaled it may agree to a smaller-than-expected output cut. U.S. crude CLc1 prices were down 2.8 percent per barrel, while Brent crude LCOc1 lost 2.3 percent. O/R

* The financials sector .SPTTFS slipped 1.5 percent, while the industrials sector .GSPTTIN fell 2.1 percent.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, lost 1.5 percent. GOL/ MET/L

* On the TSX, 19 issues were higher, while 222 issues declined for a 11.68-to-1 ratio to the downside, with traded volume touching 19.66 million shares.

* The largest percentage gainers on the TSX were Aphria Inc APHA.TO , which jumped 11.2 percent and Hydro One Ltd H.TO , which rose 3.9 percent.

* Dollarama Inc DOL.TO fell 13.2 percent, the most on the TSX, after the discount store chain reported lower-than-expected quarterly profit and revenue, as it faces stiff competition from U.S.-based Dollar Tree Inc DLTR.O . The second biggest decliner was First Quantum Minerals Ltd FM.TO , which fell 7.2 percent.

* The most heavily traded shares by volume were Hydro One Ltd Hir.TO , Aphria Inc APHA.TO , and Aurora Cannabis ACB.TO .

* The TSX posted no new 52-week high and 36 new lows.

* Across all Canadian issues, there were one new 52-week high and 91 new lows, with total volume touching 32.29 million shares.

CANADA STOCKS-TSX plunges to two week low on weak growth forecast, oil slump
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email