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Roundup: Canadian stock market loses ground over energy selloff

Xinhua, February 19, 2015 Adjust font size:

Canada's main stock market moved lower Wednesday after a six-day growth in a row as the declining oil prices triggered a selloff in energy shares. Toronto Stock Exchange's benchmark S&P/TSX Composite Index closed down 71.86 points or 0.47 percent to 15,212.75 points.

Energy, the second biggest heavyweight in the eight most weighed sectors in TSX, was hammered down 2.37 percent by the oil prices plunge. The global crude market benchmark Light Sweet Crude Oil (WTI) for April delivery lost 1.47 U.S. dollars to settle at 52.82 U.S. dollars a barrel on the New York Mercantile Exchange.

Most of Canadian energy giants were weighed as Suncor Energy retreated 1.69 percent to 38.49 Canadian dollars (about 31 U.S. dollars); Canadian Natural Resources tumbled 3.41 percent to 38.2 Canadian dollars, and Canadian Oil Sands dived 4.46 percent to 11. 35 Canadian dollars per share.

Financials lost 0.99 percent when investors were in speculation about the U.S. Federal Reserve's policy trend, when the minutes of its January policy meeting released Wednesday afternoon showed that the central bank was no rush in raising the interest rates.

Big banks in Canada lost ground with Toronto-Dominion Bank down 1.67 percent to 54.63 Canadian dollars while Bank of Nova Scotia shedding 1.45 percent to 66.39 Canadian dollars.

However, Metals ans Mining, one of the most weighed resources sectors, advanced 1.65 percent when both basic and precious metals miners were in the rising streak. First Quantum Minerals Ltd. jumped 3.62 percent to 14.33 Canadian dollars and Yamana Gold Inc. strengthened 2.24 percent to 5.01 Canadian dollars per share.

On the economic beat, a report release by Canadian Imperial Bank of Commerce on Tuesday warned that some Canadian provinces including the oil city Alberta appears headed for a "mild and temporary" recession this year due to the falling oil prices.

Peter Buchanan, senior economist from the bank, told Xinhua on Wednesday that "Vis a vis the attractiveness of Canadian oil and gas companies, I think it really depends on how quickly oil prices recover." He believed that oil production cuts alone aren't going to restore oil to the triple digit range. "You need appreciably firmer growth as well -- in China, the U.S., other major energy consumers."

On the currency front, the Canadian dollar closed lower Wednesday to 0.8053 U.S. dollar, from 0.8081 U.S. dollar on Tuesday. Endite