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Roundup: Canadian stock market shattered sixth straight loss by resources

Xinhua, November 12, 2015 Adjust font size:

Canada's main stock market in Toronto Wednesday weakened for a sixth consecutive trading day as the trading sentiment was shattered by resources plunge due to investors's concerns about the falling oil prices.

The Toronto Stock Exchange's benchmark Standard & Poor's/ TSX Composite Index lowered 69.70 points or 0.52 percent to settled at 13,341.93 points.

The most weighed sector Financials, higher 0.6 percent, was the major gainer supporting the index, when the financial services company Element Financial Corporation rallied 8.76 percent to 18 Canadian dollars (about 13.56 U.S. dollars) per share, following its quarterly dividend announcement on Tuesday after the closing bell.

However, gains driven by financials and other major sectors were shattered by a steep drop in resources sectors, when Metals and mining nosedived 5.87 percent and Energy lost 2.95 percent.

Most of the Canadian giant miners and energy heavyweights tumbled as the copper producers Teck Resources Limited vapored 7.24 percent to 6.28 Canadian dollars while First Quantum Minerals Limited even shrank 8.37 percent to 5.69 Canadian dollars per share.

And the oil and gas provider Encana Corporation lost 3.98 percent to 9.89 Canadian dollars while Canada's biggest energy company Suncor Energy Inc. dropped 2.35 percent to 38.19 Canadian dollars.

Investors were worried about the turbulence of the crude oil market when the International Energy Agency (IEA) said in its latest world energy outlook on Tuesday that a long period of lower oil would trigger energy-security concerns by heightening the reliance on a small number of low-cost producers or risk a sharp rebound in price if investment fell short.

Bedsides, Industrials lowered 0.84 percent when Canada's aircraft and railway maker Bombardier Inc. tumbled 3.45 percent to 1.40 Canadian dollars.

In companies' news, Valeant Pharmaceuticals International Inc. dived 5.51 percent to 104.66 Canadian dollars when the Canadian biggest drug maker was embattled in the lawsuit when it was reported that a U.S. judge said the company and activist hedge fund manager William Ackman must face a lawsuit accusing them of insider trading.

On the currency front, the Canadian dollar inched lower to 0.7533 U.S. dollar at 4 O'clock (the Canadian Eastern Daylight Time) on Wednesday, when compared with 0.7539 U.S. dollar on Tuesday. Enditem