Technology Toronto stocks close down, loonie edges up
Toronto stocks lower, while loonie climbs
Toronto stocks lower, while loonie climbsThe S&P/TSX composite index was down 85.19 points to 16,146.06, after 90 minutes of trading.
TORONTO - Canada's main stock index ended lower as energy stocks weighed, while U.S. stock markets edged higher a day after they were closed for the July 4 holiday.
The S&P/TSX capped energy index was slid a per cent to be the worst of the sectors on the TSX as prices for oil and gas both fell.
Overall, the S&P/TSX composite index closed down 38.11 points at 16,266.61 as financials and materials stocks also slid.
Base metal stocks were up on the day despite a big slide in the September copper contract that ended down nine cents at US$2.83 a pound.
Copper has fallen steeply from the nearly US$2.30 a pound it spiked to in early June on labour concerns at the Escondida mine in Chile, as increasing trade concerns have tempered demand speculation.
Toronto stocks close lower, loonie up
Canada's main stock index closed lower on a day that saw big swings in the oil price while U.S. stocks were down on a shortened trading day ahead of the U.S. July 4 holiday. Oil was initially trading higher Tuesday, cresting US$75 a barrel for the first time since 2014 before it fell after comments by Saudi Arabia about increasing production, said Craig Jerusalim, portfolio manager at CIBC Asset Management."There were indications they had agreed to pump more oil. There had been some soft pressures from the U.S. in the form of tweets suggesting that that's a direction they wanted them to go.
In New York, the Dow Jones industrial average closed up 181.92 points at 24,356.74. The S&P 500 index ended up 23.39 points at 2,736.61 and the Nasdaq composite index was up 83.75 points at 7,586.43.
Stocks rose despite looming tariffs coming from the U.S. and China on Friday as underlying market sentiments remain strong, said Kash Pashootan, CEO and chief investment officer at First Avenue Investment Counsel Inc.
"Yes there are elevated risks, there is greater volatility, but it's impressive to see the underlying optimism in equities is still strong when you see these types of rallies shortly after there's bad news announcements like tariffs."
The Canadian dollar averaged 76.17 cents US, up 0.08 of a US cent.
The August crude contract closed down $1.20 at US$72.94 per barrel and the August natural gas contract ended down three cents at US$2.84 per mmBTU.
Toronto stocks up, loonie edges higher
Canada's main stock index closed higher Wednesday helped by broad-based gains in the health-care, energy, and gold sectors, while the loonie inched higher. Enbridge Inc.'s deal to sell $4.31-billion worth of Western Canadian natural gas infrastructure was the big mover of the day, said Michael Currie, vice-president and senior investment advisor at TD Wealth."It's definitely the biggest story of the day, it definitely got it moving. Enbridge has been struggling a bit this year, it's still negative year-to-date. But it's nice to see a deal where both Enbridge and Brookfield did take a jump on the day.
Pashootan said elevated oil prices are a potential concern for long-term consumer spending that makes up 70 per cent of economic growth.
"One of the key takeaways from an investment perspective is these higher oil prices have led to considerably higher prices at the pump, which are taking a larger piece of the consumer's wallet, and certainly affecting consumer confidence."
The August gold contract closed up $5.30 at US$1,258.80 an ounce.
Centerra Gold slid 0.69 cents or 9.16 per cent to $6.84 after announcing that operations at its Mount Milligan mine in B.C. could be affected if it doesn't secure new sources of water for processing. The company said it has applied to B.C. regulators take water from wells, creeks, and a lake.
Canopy Growth Corp. closed up $1.05 or 2.72 per cent at $39.70 after the launch of a Latin American subsidiary and its acquisition of Colombian medical marijuana company Spectrum Cannabis Colombia for about $45.7 million in shares.
Companies in this story: (TSX:WEED), (TSX:CG)
Resource stocks weigh on Toronto market .
A rise in trade tensions after the U.S. released details of more planned tariffs against China helped send commodities and North American markets down Wednesday, while the loonie also slipped despite a rate hike by the Bank of Canada. Markets reacted this morning after the U.S. released a list of $200 billion in Chinese goods that could be hit by tariffs, which China promised to retaliate against.
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