Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Goldcorp Inc.    G   CA3809564097

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Banks drag TSX to one-week low on Cyprus fears

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/21/2013 | 09:57pm CEST

Canada's main stock index fell to a one-week low on Thursday as investor anxiety over the threat of a debt default and banking meltdown in Cyprus spurred weakness in financial and energy shares that a surge in gold-mining stocks couldn't overcome.

Stronger manufacturing data from China and the U.S. Federal Reserve's recommitment on Wednesday to its ongoing stimulus program prevented the fall from becoming steeper.

The Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> closed down 78.68 points, or 0.61 percent, at 12,747.87, very close to its lowest level of the day and its lowest point since March 14.

The crisis in Cyprus revived questions about the economic health of the broader euro zone and brought into focus the risks investors there must face.

"It reinforces the piece that says the problems in Spain, Portugal, Greece and other locations aren't going away in a hurry," said Robert McWhirter, president and portfolio manager at Selective Asset Management.

The European Central Bank gave Cyprus until Monday to raise billions of euros to clinch an international bailout or face losing emergency funds for its banks.

"If this goes down to the wire, there is some risk to the markets," said Stan Wong, vice president and portfolio manager at Macquarie Private Wealth. "Being a little cautious and holding some cash would make some sense."

Financials, the index's weightiest sector, were down 0.8 percent. Royal Bank of Canada (>> Royal Bank of Canada), the country's biggest bank, slipped about 1 percent to C$60.74, and Toronto-Dominion Bank (>> Toronto-Dominion Bank) fell 0.7 percent to C$83.67.

A sharp fall in oil prices and a 2.5 percent decline in Canadian Natural Resources Ltd (>> Canadian Natural Resources Limited) to C$32.79 resulted in the energy sector losing 1.1 percent.

The industrials sector dropped 1.6 percent. Canadian National Railway Co (>> Canadian National Railway Company) was down 2.5 percent at C$98.84.

The Cyprus worries boosted the appeal of gold as a safe haven and pushed the price of the precious metal to a one-month high. <GOL/>

That helped the index's materials sector, which includes mining stocks, gain 0.5 percent, with gold miners rising 2.2 percent. Barrick Gold Corp (>> Barrick Gold Corp.) added 2.4 percent to C$30.31, and Goldcorp Inc (>> Goldcorp Inc.) climbed almost 2 percent to C$34.24.

Lululemon Athletica Inc (>> Lululemon Athletica Inc) said it expected earnings to drop in the current quarter, hurt by a recall of its workout pants. It also reported results for the quarter ended February 3 that came in slightly ahead of forecasts. Shares of the yogawear retailer were up 1.4 percent at C$66.26.

($1=$1.02 Canadian)

(Reporting by John Tilak, editing by Peter Galloway)

By John Tilak

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on GOLDCORP INC.
05/19 GOLDCORP : provides updated information on Dividend Reinvestment Plan
05/19 Rapier Gold Inc. Appoints Dr. John Blake to its Board
05/13 SIENNA RESOURCES INC : . Engages Equity Exploration Consultants for 2016 Yukon S..
05/12DJToronto Stocks End Lower as Metal Issues Weigh
05/12 Canada's Renaissance Oil seeks onshore JVs with Pemex
05/12 KAMINAK GOLD : Goldcorp buying Yukon-focused Kaminak Gold in $520 million all-sh..
05/12 Goldcorp to buy Kaminak Gold for C$520 million
05/02 GOLDCORP : announces voting results from Annual Shareholders Meeting
04/28 Gold miner Goldcorp beats market forecasts, swings back to profit
04/28 GOLDCORP : beats 1Q profit forecasts
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials