Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

TORONTO-S&P/TSX COMP
Mes dernières consult.
Most popular
SummaryChartsNewsHeatmapComponents 
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
0
07/17/2017 | 10:58pm CET
Businessmen pass the Toronto Stock Exchange sing in Toronto

TORONTO (Reuters) - 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

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.39% 25309.99 Delayed Quote.0.98%
NASDAQ 100 1.99% 6896.6012 Delayed Quote.5.67%
NASDAQ COMP. 1.77% 7337.3905 Delayed Quote.4.56%
S&P 500 1.60% 2747.33 Real-time Quote.1.04%
TORONTO-S&P/TSX COMP 0.84% 15638.5 End-of-day quote.-3.55%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on TORONTO-S&P/TSX COMP
02/06LSC Lithium Corporation Set to Lead the Electric Vehicle Battery Metals Boom 
02/02TSX closes at 14-week low on hawkish Fed, lower gold prices
RE
01/26TSX closes higher, boosted by Bombardier trade case win
RE
01/24TSX slips as financials, Valeant and CN Rail weigh
RE
01/22TSX dips as railroad and materials shares weigh
RE
01/19TSX rises, led by bank and railroad shares
RE
01/18Thadaney to leave Toronto Stock Exchange owner TMX Group
RE
01/17TSX ends up as banks lead rally after rate hike
RE
01/16TSX retreats as lower commodity prices pressure resource stocks
RE
01/15Gold miners and pot stocks push TSX higher
RE
More news
News of the components of TORONTO-S&P/TSX COMP
02/24MARTINREA INTERNATIONAL : Discussion centers on skilled trades
AQ
02/24TORONTO DOMINION BANK : Alleged bank robber arrested shortly after heist
AQ
02/24PASON : Updating of the Comprehensive Land Use Plan(2018-2027) of Municipality o..
AQ
02/24GLOBAL ENTERTAINMENT CENTERS & TV ST : 99strategy added a depth and professional..
AQ
02/24BOMBARDIER : teaming with Siemens on new opportunities to optimize its product d..
AQ
02/24HUDBAY MINERALS : swings back into black as higher copper, zinc prices lift Q4 p..
AQ
02/24OCEANAGOLD : posts record $172m profit as production spikes
AQ
More news
Chart TORONTO-S&P/TSX COMP
Duration : Period :
TORONTO-S&P/TSX Comp Technical Analysis Chart | 4-Traders
Technical analysis trends TORONTO-S&P/TSX COMP
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Heatmap :