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Roundup: Canadian stock market lowers as resources lose ground

Xinhua, November 5, 2015 Adjust font size:

Canada's main stock market in Toronto on Wednesday went down slightly when the resources shares lost ground over the sluggish commodities prices.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index was down 48.49 points, or 0.35 percent, to close at 13,661.82 points.

Metals and mining, down 0.9 percent, logged the biggest loss in TSX sectors as most of the gold miners tumbled over the falling bullion price, with the most active gold contract for December delivery losing 7.9 U.S. dollars, or 0.71 percent, to settle at 1,106.2 dollars per ounce on the New York Mercantile Exchange Wednesday.

Barrick Gold Corporation declined 2.83 percent to 9.94 Canadian dollars a share, and Eldorado Gold Corporation shed 4.08 percent to 4.47 Canadian dollars a share.

And Energy, another heavily-weighed resource sector, decreased 0.58 percent, when the oil prices on Wednesday made downward correction after a big rally in the previous day, with the light, sweet crude for December delivery dropping 1.58 U.S. dollars to settle at 46.32 dollars a barrel on the New York Mercantile Exchange.

Most of the giants from the oil patch lost the winning streak as Encana Corporation was down 0.66 percent to 10.47 Canadian dollars a share.

Meanwhile, the most weighed sector Financials dipped 0.18 percent when the insurance company Manulife Financial Corporation lost 0.78 percent to 21.68 Canadian dollars a share.

And the losses from resources and financial sectors offset the gains from Health Care and Info Tech, up 1.88 percent and 1.7 percent, respectively.

In companies' news, Bombardier jumped 6.52 percent to 1.47 Canadian dollars per share as the Canadian biggest aircraft and railway maker announced Wednesday it will be present at the 2015 Dubai Airshow with its all-new C Series Aircraft. The company also said Tuesday that its new ultralong-range luxury business jets program, Global 7000 and Global 8000, is progressing as planned.

On the economic front, Statistics Canada on Wednesday released the latest trade data, saying that the country's imports declined 1.3 percent in September while exports increased 0.7 percent, and consequently Canada's merchandise trade deficit with the world narrowed from 2.7 billion Canadian dollars in August to 1.7 billion Canadian dollars in September.

Looking ahead, September data set up the fourth quarter for another solid trade performance. According to Dina Ignjatovic, an economist from TD Bank, "the shift toward export-driven growth should continue, supported by healthy demand south of the border (the U.S.) and a Canadian dollar hovering around the 75 US cent mark."

On the currency front, the Canadian dollar on Wednesday lowered to 0.7601 U.S. dollar, when compared with 0.7662 U.S. dollar Tuesday. Endit