The Toronto Stock Exchange’s S&P/TSX composite index closed down 263.33 points, or 1.92 percent, at 13,473.67. The measure touched 13,520.05, the lowest intraday price since February 4, 2014. The benchmark Canadian equity gauge has fallen 4.4 per cent this week, the worst drop since December. 12. Investor sentiment has been hit by ongoing concerns about the situation in China, with China‘s Shanghai Composite Index indicating a substantial move back to the downside, plummeting by 3.4 percent after jumping 1.2 percent on Wednesday.
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But that measure favours larger companies.
Energy stocks were down as Lighstream Resources, shedding 12.5 percent, while Bonavista Energy lost 8 percent. The heavy-crude producer suspended its monthly dividend and projected a cut in its capital program next year as it is grappling with protracted oil price weakness. Three-month copper on the London Metal Exchange ended down 1.3 percent to $5,055 a tonne.
Up 1.4% frmo March 2014 – March 2015. The company confirmed it’s taking legal action against the Greek government over a decision to suspend technical studies at a subsidiary’s projects in northern Greece. Gold producers have rallied 8.7 percent this week.
Up 0.9% from March 2014 – March 2015. The miner said diamond sales were a “robust” $209.7 million in the second quarter despite what it called a cautious market.
December gold soared $25.30 to US$1,153.20 an ounce.
Financials, the index’s most heavily weighted sector, declined 1.2%.
The heavyweight Financial Index plunged 1.89%, as National Bank of Canada (NA.TO) dropped 1.49%, Bank of Montreal (BMO.TO) jumped 2.76%, and Royal Bank of Canada (RY.TO) dived 2.22%. “It’s being driven by a continued slowdown in the global production cycle, which is so important for the demand for commodities”, said John Johnston, chief strategist at Davis-Rea, adding that emerging markets have been a risk for some time.
The agency said lower energy prices continued to moderate the year-over-year rise in the CPI; however, the effect was less pronounced in July than in the previous month.
On the economic front, data from Statistics Canada showed that Canada wholesale sales rose 1.3 percent to C$55.3 billion in June, reversing the 1.0 percent decline recorded in May.
The Conference Board said the leading economic index fell by 0.2 percent in July following a 0.6 percent increase in June.
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Canadian stocks plunged over 2% to end lower for a fourth straight session Thursday, on cue from sharply declining global equity markets, hit particularly hard after some dovish Fed Reserve minutes yesterday, collapse in oil prices and concerns over the global economy.
