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Roundup: Canadian stock market inches lower as energy shares pull back

Xinhua, November 26, 2015 Adjust font size:

Canada's main stock market in Toronto on Wednesday went down as the sluggish energy sector weighed on the trading sentiment.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index was down 4.41 points, or 0.03 percent, to close at 13,403.42 points, with gains mostly driven by medical shares offset by slump in the resources shares.

Following a big rally in the previous day, Energy led the decrease by 0.9 percent Wednesday as the falling oil prices hammered down the TSX index in the midday trading.

Canada's biggest oil and gas producer Suncor Energy Inc. lost 1.08 percent to 36.60 Canadian dollars (about 27.52 U.S. dollars) a share.

Metals and mining went down 0.86 percent as the gold prices lost ground with the most active gold contract for December delivery down 3.8 U.S. dollars, or 0.35 percent, to settle at 1,070.00 dollars per ounce.

Goldcorp Inc. declined 0.89 percent to 15.63 Canadian dollars a share while Barrick Gold Corporation lowered 0.3 percent to 9.81 Canadian dollars per share.

Health Care, however, gained 2.4 percent when the integrated health-care company Concordia Healthcare Corp. rallied 2.3 percent to 51.23 Canadian dollars a share.

The equities market in Toronto is still being impacted by the turbulence of the commodities market. And Bank of Canada, the central bank of this country, said in a report Tuesday that the economic growth in Canada picked up above potential starting in the second half year, led by non-energy exports and investment.

And the central bank also predicted that the real gross domestic product likely increase by just more than 1 percent this year, rising to 2 percent next year and 2.5 percent in 2017.

On the currency front, the Canadian dollar on Wednesday was traded modestly higher to 0.7518 U.S. dollar at 4 o'clock (the Canadian Eastern Daylight Time), when compared with 0.7514 U.S. dollar Tuesday. Endit