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
09/06 Canadian currency and bond yields surge, stocks fall after rate hike
09/05 TSX falls as financials lead retreat, Teck slumps
09/01DJLIVESTOCK HIGHLIGHTS : Top Stories of the Day
09/01 TSX slips as retailers weigh, notches 0.9 percent rise on week
08/29 TSX ends higher as energy and gold mining shares climb
08/28 TSX little changed as energy decline offset by miners
08/21 TSX ends flat as miner gains offset weaker energy
08/18 Canada's TMX asks regulators for rules for U.S.-linked pot stocks
08/17 Ex-Integra Gold executives launch new mining exploration company
08/15 TSX slips as gold miners fall with bullion prices
More news
News of the components of TORONTO-S&P/TSX COMP
12:40a CAE : expands its pilot training capacity in Phoenix to support regional airline..
12:01a ENBRIDGE : New round of Line 3 public hearings begins
09/25 TRINIDAD DRILLING : Announces Normal Course Issuer Bid
09/25 CELESTICA : Recognizes Suppliers with its Total Cost of Ownership Supplier Award..
09/25 THOMSON REUTERS : boosts quantification of corporate news with NEWSFUL app in Ei..
09/25 FAIRFAX FINANCIAL : Intention to Make a Normal Course Issuer Bid for Subordinate..
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
PENGROWTH ENERGY CORP 1.49 End-of-day quote.28.45%
BLACK DIAMOND GROUP LTD 2.2 End-of-day quote.10.00%
B2GOLD CORP. 3.56 End-of-day quote.8.87%
ATHABASCA OIL CORP 1.07 End-of-day quote.8.08%
ENSIGN ENERGY SERVICES INC 7.51 End-of-day quote.7.59%
HUDBAY MINERALS INC 8.9 End-of-day quote.-2.73%
TECK RESOURCES LTD 26.27 End-of-day quote.-3.06%
BOMBARDIER, INC. 2.14 End-of-day quote.-4.04%
CAPSTONE MINING CORP 1.26 End-of-day quote.-5.26%
AIR CANADA 25.5 End-of-day quote.-7.31%
Heatmap :