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

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TSX retreats as banks, tech stocks weigh

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06/12/2017 | 11:06pm CEST
FILE PHOTO - A man walks past an old Toronto Stock Exchange sign in Toronto

Canada's main stock index ended lower on Monday, weighed down by losses for heavyweight banking stocks after two days of strong gains, and as the country's technology sector tracked the larger U.S. tech group down.

The Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> closed down 89.41 points, or 0.58 percent, at 15,383.80. Seven of its 10 main sectors fell.

Investor enthusiasm for equity markets has been dampened by stretched valuations, said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates.

"The assumptions have been that politics and interest rates wouldn't matter that much ... I think some of those assessments are coming out of the market."

The Federal Reserve is expected on Wednesday to raise interest rates for the third time since December, while comments by a senior Bank of Canada official raised the prospect that the central bank could hike rates sooner than investors had anticipated.

The tech sector <.SPTTTK> lost 2 percent as CGI Group (>> CGI Group Inc) lost 1.5 percent to C$66.15 and BlackBerry Ltd (>> BlackBerry Ltd) tumbled nearly 5 percent to C$14.11.

The financials group, which accounts for one third of the TSX's weight, declined 0.7 percent. Royal Bank of Canada (>> Royal Bank of Canada) fell 1.1 percent to C$94.26.

The energy sector <.SPTTEN> was little changed as oil prices broke a three-day losing streak despite rising U.S. drilling. [O/R]

U.S. crude oil futures settled 25 cents higher at $46.08 a barrel.

Cenovus Energy <CVE.TO advanced 2.4 percent to C$11.37 but Enbridge Inc (>> Enbridge Inc) fell 2.2 percent to C$51.00.

The materials group, which includes precious and base metals miners and fertilizer companies, fell 0.8 percent.

Potash Corporation of Saskatchewan Inc (>> Potash Corporation of Saskatchewan Inc) dropped 1.7 percent to C$22.51, while gold <XAU=> was little changed at $1,265.20 an ounce ahead of the Fed meeting this week.

Shares of aircraft manufacturer Bombardier (>> Bombardier, Inc.) rose nearly 3 percent to C$2.44, recovering from a decline on Friday, when the U.S. International Trade Commission gave a green light to the U.S. Commerce Department to begin preparing anti-dumping and anti-subsidy duties against Bombardier's new jets.

(Additional reporting by Leah Schnurr; Editing by W Simon and Grant McCool)

By Fergal Smith

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Financials ($)
Sales 2017 8 482 M
EBIT 2017 2 695 M
Net income 2017 1 269 M
Debt 2017 4 614 M
Yield 2017 0,72%
P/E ratio 2017 13,59
P/E ratio 2018 23,45
EV / Sales 2017 2,76x
EV / Sales 2018 2,74x
Capitalization 18 805 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 21,0 $
Spread / Average Target 30%
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NameTitle
Kelvin Dushnisky President & Non-Independent Director
John Lawson Thornton Non-Independent Executive Chairman
Richard J. Williams Chief Operating Officer
Catherine Phillipa Raw Chief Financial Officer & Executive Vice President
Matthew D. Gili Chief Technical Officer
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