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Canadian stock market snaps three-day rally on falling gold, oil prices

Xinhua, June 26, 2015 Adjust font size:

Canada's main stock market in Toronto Thursday edged lower after a three-day winning streak as gold and oil losses offset gains in other sectors.

Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index was lower 50.01 points or 0.33 percent to 14,897. 50 points, after a big rise for three days in a row during which the index gained more than 300 points.

Resources sectors become one of the biggest drag on the index. Metals and mining, and energy were down 3.72 percent and 1.72 percent respectively.

The most active gold contract for August delivery on the COMEX division of the New York Mercantile Exchange Thursday fell 1.1 U.S. dollars, or 0.09 percent, to settle at 1,171.80 dollars per ounce as Greek debt talks continued ahead of the June 30 deadline. Meanwhile, the light, sweet crude for August delivery lowered 57 U. S. cents to settle at 59.7 U.S. dollars a barrel on the New York Mercantile Exchange.

Selloffs were seen in the shares of miners and oil patch.

Yamana Gold Inc. shrank 3.56 percent to 3.79 Canadian dollars ( about 3.08 U.S. dollars) while First Quantum Minerals Ltd. dived 4. 74 percent to 17.28 Canadian dollars. Canada's biggest oil and gas producer Suncor Energy Inc. gave up 3.19 percent to 34.56 Canadian dollars per share.

Info tech lost 0.76 percent with Blackberry down 2.92 percent to 10.65 Canadian dollars, and Industrials dropped 0.89 percent when Canadian National Railway Company lowered 1.56 percent to 73. 06 Canadian dollars per share.

By contrast, other sectors were moving higher modestly with Finanicals up 0.04 percent and telecom up 0.49 percent.

On the currency front, the Canadian dollar Thursday gained some momentum to trade at 0.8115 U.S. dollar, compared with 0.8065 U.S. dollar on Wednesday. Endite