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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Barrick Gold Corp    ABX   CA0679011084

BARRICK GOLD CORP (ABX)
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TSX ends down as financials, commodity stocks retreat

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03/17/2017 | 10:12pm CEST
A sign board displaying Toronto Stock Exchange stock information is seen in Toronto

TORONTO (Reuters) - Canada's benchmark stock index fell on Friday as financial stocks lost ground along with bond yields and as natural resource companies pulled back despite an uptick in commodity prices.

The heavyweight financials group lost 0.6 percent, with insurance company Manulife Financial Corp (>> Manulife Financial Corp.) down 1.5 percent at C$24.13 and Brookfield Asset Management Inc (>> Brookfield Asset Management Inc) off 0.8 percent at C$48.47.

The country's biggest banks fell between 0.4 and 1 percent.

The moves echoed similar slips on Wall Street as the effects of the U.S. Federal Reserve's less aggressive stance on future rate hikes from earlier in the week lingered.

"This week everything was waiting with bated breath for what the Fed was going to say," said Irwin Michael, portfolio manager at ABC Funds. "The question was what sort of commentary that'd give on the guidance, and they indicated it would be slow but steady."

The Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> ended down 71.92 points, or 0.46 percent, at 15,490.49. The index slipped 0.1 over the week.

Seven of the index's 10 main groups ended in negative territory, with decliners outnumbering gainers by 2.3 to 1.

"On balance, people are looking for liquidity in this market, because there is still a lot of uncertainty."

The telecom and utilities groups, which tend to receive more buying interest when investors are feeling defensive, both gained.

Telecom company BCE Inc (>> BCE Inc.) advanced 1.3 percent to C$58.30 and rival Telus Corp (>> TELUS Corporation) added 0.5 percent to C$42.97.

The energy group fell 0.6 percent, with pipeline company Enbridge Inc (>> Enbridge Inc) down 1.3 percent at C$54.96, while the materials group, which includes precious and base metals miners and fertilizer companies, fell 0.9 percent.

Dominion Diamond Corp (>> Dominion Diamond Corp) jumped 12.2 percent to C$13.21 after providing a 2018 outlook late on Thursday.

Oil prices were steady, finishing the week with modest gains, but speculators sharply cut long positions during last week's rout, on concerns that an OPEC production cut was failing to reduce a global supply overhang. [O/R]

Gold and copper prices rose. [GOL/][MET/L]

Canada Goose <GOOS.TO> added 6.8 percent to C$23.00 the day after it jumped nearly 27 percent from its initial public offering price of C$17 per share.

Canadian manufacturing sales unexpectedly rose in January for the third month in a row, helped by strength in non-durable goods, including petroleum and coal products, data from Statistics Canada showed on Friday. <ECONCA>  

(Reporting by Alastair Sharp; Editing by Lisa Von Ahn and Chizu Nomiyama)

By Alastair Sharp

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.60% 1335.9 Delayed Quote.3.18%
S&P/TSX COMPOSITE INDEX 0.19% 15484.32 Delayed Quote.-4.47%
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Financials ($)
Sales 2018 7 938 M
EBIT 2018 2 366 M
Net income 2018 832 M
Debt 2018 3 177 M
Yield 2018 0,85%
P/E ratio 2018 16,90
P/E ratio 2019 20,52
EV / Sales 2018 2,33x
EV / Sales 2019 2,27x
Capitalization 15 326 M
Chart BARRICK GOLD CORP
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Technical analysis trends BARRICK GOLD CORP
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 20
Average target price 17,2 $
Spread / Average Target 31%
EPS Revisions
Managers
NameTitle
Kelvin Dushnisky President & Non-Independent Director
John Lawson Thornton Non-Independent Executive Chairman
Catherine Phillipa Raw Chief Financial Officer & Executive Vice President
Gustavo A. Cisneros Independent Director
Anthony Munk Independent Director
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