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Roundup: Canadian stock market hits six-week low amid sell-offs in financials, energy

Xinhua, November 13, 2015 Adjust font size:

Canada's main stock market in Toronto Thursday extended losses for a seventh consecutive session to hit a six-week low amid financials and energy sell-offs.

With losses across the board, the Toronto Stock Exchange's benchmark Standard & Poor's/ TSX Composite Index dropped 214.75 points or 1.61 percent to settle at 13,127.18 points, the lowest settlement level after Sept. 29, when the index closed at 13,036.96 points.

The most weighed sector Financials tumbled 1.63 percent when Canada's biggest insurance company Manulife Financial Corporation plunged 3.66 percent to 21.35 Canadian dollars (about 16.07 U.S. dollars) after its downbeat quarterly profit report on Thursday due to the losses related to oil and gas investments.

And the energy sector shrank 2.25 percent when Suncor Energy Inc. dropped 2.36 percent to 37.29 Canadian dollars when the Canadian biggest oil and gas producer announced Thursday that sent a letter to shareholders of Canadian Oil Sands Limited (COS), warning its investors that a rejection of Suncor's takeover would represent real risk to COS shareholders.

Meanwhile, COS also lost 2.1 percent to 9.34 Canadian dollars on the closing bell.

Besides, Metals and mining waned 2.56 percent, the biggest loser by percentage in TSX on Thursday, when the copper producer First Quantum Minerals Ltd. vapored 7.56 percent to 5.26 Canadian dollars per share.

Other losers included Industrials and Utilities, down 1.57 percent and 1.95 percent respectively.

On the economic beat, Statistics Canada reported on Thursday that the New Housing Price Index edged up 0.1 percent in September, following a 0.3 percent increase in August.

The federal agency also said that the census metropolitan area of Vancouver (+0.4 percent) and the combined region of Toronto and Oshawa (+0.2 percent) were the top contributors to the national increase.

On the currency front, the Canadian dollar inched lower to 0.7529 U.S. dollar at 4 O'clock (the Canadian Eastern Daylight Time) on Thursday, when compared with 0.7533 U.S. dollar on Wednesday. Enditem