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Roundup: Canadian stock market extends losses over energy selloff following Alberta's election

Xinhua, May 7, 2015 Adjust font size:

Canada's main stock market in Toronto Wednesday suffered another three-digit loss as energy shares sharply dropped after the New Democratic Party (NDP) won election in the Canadian oil-producing province Alberta on Tuesday night.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index tumbled 150.05 points, or 0.99 percent, to 15,023.89 points, with seven of the eight most weighted sectors in the losing streak.

Energy declined 2.75 percent over NDP's historic win, which ended a 44-year run by the Progressive Conservatives in Alberta and was regarded as a victory for workers. Investors believed that the victory marked the beginning of a turbulent period for Canada' s energy sector, weighing on TSX.

Almost all the big companies in the Canadian oil patch suffered hefty losses in their stock prices in spite of the rising oil prices. Suncor Energy Inc. declined 3.39 percent to 37.03 Canadian dollars (about 30.77 U.S. dollars) and Canadian Oil Sands Ltd. vapored 6.38 percent to 12.62 Canadian dollars per share.

Meanwhile, another resources sector Metals and Mining lost 0.94 percent when gold futures on the COMEX division of the New York Mercantile Exchange lost ground on Wednesday, with the most active gold contract for June delivery losing 2.9 U.S. dollars to settle at 1,190.30 dollars per ounce.

Goldcorp Inc., the world's largest gold producer by market value, dropped 2.59 percent to 21.81 Canadian dollars, and Eldorado Gold Corp. also shrank 3.19 percent to 5.76 Canadian dollars apiece.

Other losers included financials and health care, down 0.61 percent and 1.34 percent, respectively.

However, telecom, bucking the trend, was up 1.41 percent aided by its heavyweight Rogers Communications Inc. which jumped 4.3 percent to 43.93 Canadian dollars.

On the currency front, the Canadian dollar Wednesday rallied to 0.8306 U.S. dollar, compared with 0.8284 U.S. dollar on Tuesday, after the greenback was weak against other currencies Wednesday on U.S. worse-than-expected job data. Endite