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

4-Traders Homepage  >  Indexes  >  Toronto Stock Exchange  >  S&P/TSX Composite index    0000   XC0009695252

News SummaryAll newsNews of the components ofTweets

TSX retreats as energy stocks pressured by oil prices

share with twitter share with LinkedIn share with facebook
share via e-mail
10/12/2017 | 11:40pm CEST
The Toronto Stock Exchange sing is seen in Toronto

TORONTO (Reuters) - Canada's main stock index pulled back from a 7-1/2-month high on Thursday with broad declines led by energy stocks under pressure from weaker oil prices.

Suncor Energy Inc was the biggest drag on the index, falling 2.2 percent to C$42.06. It was followed by Canadian Natural Resources Ltd, which declined 2 percent to C$40.66.

The overall sector retreated 1.7 percent, as oil prices fell. A bearish 2018 outlook for oil demand by the International Energy Agency weighed on the market. U.S. crude prices settled down 1.4 percent at $50.60 a barrel. [O/R]

Other influential decliners included Shaw Communications Inc, which slid 3.7 percent to C$27.49 and Kirkland Lake Gold Ltd, which tumbled 8.9 percent to C$16.85.

Desjardins cut its rating on Kirkland Lake to "hold" from "buy" after the company released quarterly and production results.

The overall materials sector, home to mining firms and other resource companies, lost 0.2 percent.

The Toronto Stock Exchange's S&P/TSX composite index fell 58.20 points, or 0.37 percent, to end at 15,742.20.

Of the index's 10 main groups, seven were in negative territory.

The retreat comes amid a backdrop of uncertainty surrounding the North American Free trade Agreement, with negotiations on the pact turning increasingly sour and talks of a "sunset clause" that would automatically terminate NAFTA every five years unless there were fresh negotiations.

"The market doesn't like change, so I think it would be perceived initially as negative," said Michael Sprung, president at Sprung Investment Management about the potential impact of such a clause.

"But we do a lot of cross border trade. I can't see how in the long-term that's going to change very much ... I really think things would adjust."

Financial services stocks fell 0.4 percent, with Bank of Nova Scotia down 0.8 percent at C$80.21.

On the positive side, Alimentation Couche Tard Inc rose 3.9 percent to C$61.24. The company is buying back 4.4 million of its shares that were held by Metro Inc and Eight Capital upgraded the company to a "buy" from "neutral," citing positive trends. The overall consumer staples sector added 0.7 percent.

Declining issues outnumbered advancing ones on the TSX by 151 to 93, for a 1.62-to-1 ratio on the downside.

(Reporting by Solarina Ho; Editing by Bernadette Baum and Lisa Shumaker)

By Solarina Ho

Stocks mentioned in the article
ChangeLast1st jan.
ALIMENTATION COUCHE-TARD INC 0.15% 52.84 Delayed Quote.-19.56%
APHRIA INC -3.64% 10.6 End-of-day quote.-45.45%
CANOPY GROWTH CORP -0.79% 30.01 Delayed Quote.0.91%
DJ INDUSTRIAL -0.82% 24462.94 Delayed Quote.-1.04%
GLUSKIN SHEFF + ASSOCIATES INC -1.21% 14.65 Delayed Quote.-10.93%
JEAN COUTU GROUP PJC INC 0.00% 24.6 Delayed Quote.0.74%
METRO, INC. -0.35% 42.13 Delayed Quote.5.04%
NASDAQ 100 -1.58% 6667.751 Delayed Quote.5.92%
NASDAQ COMP. -1.27% 7146.1258 Delayed Quote.4.85%
PRETIUM RESOURCES INC -0.54% 9.21 Delayed Quote.-35.77%
S&P 500 -0.85% 2670.14 Real-time Quote.0.73%
S&P/TSX COMPOSITE INDEX 0.19% 15484.32 Delayed Quote.-4.47%
share with twitter share with LinkedIn share with facebook
share via e-mail
04/11TSX near flat as Mideast tensions boost oil, gold prices
04/03TSX falls, led by declines for gold miners, financials
03/13Toronto stocks gain, boosted by gold producers and energy
03/12Toronto stocks edge up with help from gold producers
03/06Toronto stocks pause as gold gains offset by energy losses
03/06Mattress to motor coach stocks in favor as Canada investors steel for trade w..
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
01/26TSX closes higher, boosted by Bombardier trade case win
01/24TSX slips as financials, Valeant and CN Rail weigh
More news
News of the components of S&P/TSX COMPOSITE INDEX
02:40pCAPITAL POWER : Wind Farm project set to begin in McHenry County
02:39pBORALEX : signs deal to buy French wind power company Kallista Energy Investment
02:31pENBRIDGE : Legislative Update Issued by Minnesota State Rep. Kiel
02:22pBRP : Establishes Automatic Share Purchase Plan
02:18pCENTERRA GOLD : Provides Update on Strategic Agreement with the Kyrgyz Republic
12:54pWESTJET AIRLINES : Pilots Receive $2 Million Grant to Aid in Reaching First Cont..
12:51pTRANSCONTINENTAL : Closes $287.5 Million Bought Deal Public Offering of Subscrip..
More news
Duration : Period :
S&P/TSX Composite index Technical Analysis Chart | 0000 | XC0009695252 | 4-Traders
Technical analysis trends S&P/TSX COMPOSITE INDEX
Short TermMid-TermLong Term
Heatmap :