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Roundup: Canadian stock plunges amid disappointing earnings reports

Xinhua, November 6, 2015 Adjust font size:

Canada's main stock market in Toronto tumbled with a steep drop Thursday as the trading sentiment was weighed by a round of disappointing earnings reports.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index lost 103.04 points, or 0.75 percent, to 13,558.78 points on the closing bell.

The major losers included metals and mining, leading the decrease by 4.1 percent, and health care, down 1.37 percent. Industrials and energy was lower 0.64 percent and 0.09 percent, respectively.

The index was dragged down following a string of worse-than-expected earnings reports as the Canadian economy faces pressure from the falling commodities prices.

Magna International Inc., Canada's biggest automotive supplier whose capabilities include chassis, interior and exterior, reported downbeat earnings report on Thursday.

The company posted sales of 7.7 billion U.S. dollars for the third quarter ended Sept. 30, 2015, a decrease of 7 percent from the third quarter of 2014. Its share price nosedived 10.25 percent to 62.42 Canadian dollars (about 47.40 U.S. dollars).

Meanwhile, Telus Corporation, Canada's third biggest telecommunication service provider by market capitalization, plunged 4.12 percent to 41.91 Canadian dollars per share, after the company Thursday released its financial results for the third quarter 2015.

The company said that it will see a slowdown in wireless growth and a plan to cut 1,500 jobs.

Paramount Resources Ltd., a Calgary-based petroleum and natural gas provider, plunged 20.32 percent to 10.98 Canadian dollars, after its third-quarter loss was released late Wednesday.

By contrast, financials, the most weighed sector, stayed in the positive territory with a rise of 0.29 percent.

On the currency front, the Canadian dollar Thursday lowered to 0.7594 U.S. dollar at 4 o'clock (the Canadian Eastern Daylight Time), when compared with 0.7601 U.S. dollar on Wednesday.

On Wednesday, the greenback gained strength after U.S. Federal Reserve Chair Janet Yellen said that December would be a "live possibility" for an interest rate increase. Enditem