Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Indexes  >  TORONTO-S&P/TSX Comp       

News SummaryAll newsNews of the components ofTweets

TSX dips as slower housing market weighs on financials

share with twitter share with LinkedIn share with facebook
share via e-mail
07/17/2017 | 10:58pm CEST
Businessmen pass the Toronto Stock Exchange sing in Toronto

Canada's main stock index edged lower on Monday as data showing a slowdown in the housing market weighed on the outlook for financials, offsetting gains for the materials group as metal prices climbed.

The resale of Canadian homes fell 6.7 percent in June from May, the largest monthly drop since 2010 and the third straight monthly decline.

"A slowdown in real estate is somewhat of a negative for the banks," said Lorne Steinberg, president, Lorne Steinberg Wealth Management Inc. "Mortgage origination, consumer loans - all of that has been a huge boost for the Canadian banking sector."

Toronto-Dominion Bank fell 0.5 percent to C$64.86, while commercial real estate services company Colliers International Group Inc slumped 7.7 percent to C$70.29. The overall financial services group ended down 0.3 percent.

Investors worry that higher interest rates will add to a slowdown in Canada's real estate market and weigh on the country's economy.

"A stronger Canadian dollar as well is somewhat of a negative for the Canadian economy and for Canadian exporters," Steinberg added.

The loonie touched its strongest level in 14 months at C$1.2627 per U.S. dollar after the Bank of Canada last week raised interest rates for the first time in seven years.

Industrials fell 0.7 percent, including losses for railroad stocks. Canadian Pacific Railway Ltd, which will release earnings on Wednesday, fell 1.2 percent to C$208.30.

The Toronto Stock Exchange's S&P/TSX composite index closed down 9.45 points, or 0.06 percent, at 15,165.36.

Six of the index's 10 main industry groups ended lower.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.5 percent. First Quantum Minerals Ltd jumped 8.8 percent to C$13.69 and Lundin Mining Corp advanced 4.9 percent to C$8.29.

Both miners produce copper, nickel and zinc. Copper prices reached their highest level since early March on the back of better-than-expected economic data from top consumer China, while nickel and zinc also gained. [MET/L]

Gold miners also rose as the price of the precious metal climbed. [GOL/]

Dominion Diamond Corp rose 5.6 percent to C$17.85, after the world's third-largest diamond producer by market value agreed to a sweetened takeover offer from The Washington Companies, valuing it at $1.2 billion.

NexGen Energy Ltd rose 7.4 percent to C$3.18. But the energy group was little changed overall as oil prices fell.

U.S. crude futures settled 52 cents lower at $46.02 a barrel. [O/R]

(Additional reporting by Alastair Sharp, editing by G Crosse)

By Fergal Smith

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on TORONTO-S&P/TSX COMP
07/24 TSX falls, weighed by Barrick and other gold miners
07/21 TSX falls as energy stocks follow oil lower
07/21 HERON RESOURCES (ASX : HRR) discusses financing for its Woodlawn Project
07/20 TSX edges up to three-week high, boosted by Rogers
07/15 Canada's fund managers target growth stocks as rates rise
07/04 TSX hits near seven-month low as gold and tech shares retreat
06/29 TSX falls in broad retreat as rate hike talk bites
06/27 TSX falls as technology, gold mining shares retreat
06/12 TSX retreats as banks, tech stocks weigh
06/09 TSX rises, boosted by energy and financial shares
More news
News of the components of TORONTO-S&P/TSX COMP
04:33p SNC LAVALIN : wins FEED conversion to EPC contract from Brahms Oil Refineries
04:01p AIR CANADA : Adds Vancouver-Yellowknife Flights for Winter 2017
03:20p AVIGILON : Advanced Self Learning Video Analytics Selected to Protect Schools Di..
03:20p TMX : Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montr..
03:18p TRANSCANADA : Responds to PNW LNG Decision Company to be reimbursed for full cos..
03:15pPRECISION DRILLING CORPORATION : half-yearly earnings release
03:03p TRANSCANADA : Petronas-backed Pacific NorthWest LNG megaproject in B.C. scrapped
More news
Duration : Period :
TORONTO-S&P/TSX Comp Technical Analysis Chart | 4-Traders
Technical analysis trends TORONTO-S&P/TSX COMP
Short TermMid-TermLong Term
CAPSTONE MINING CORP 1.17 End-of-day quote.12.50%
BAYTEX ENERGY CORP 3.3 End-of-day quote.8.55%
HOME CAPITAL GROUP INC 14.59 End-of-day quote.7.99%
HUDBAY MINERALS INC 9.35 End-of-day quote.7.84%
NEW GOLD INC. 3.75 End-of-day quote.-2.85%
FRANCO NEVADA CORP 88.55 End-of-day quote.-2.91%
AIMIA INC 1.57 End-of-day quote.-3.09%
B2GOLD CORP. 3.24 End-of-day quote.-3.57%
WAJAX CORP 23.7 End-of-day quote.-4.24%
Heatmap :