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Canadian stocks further down on Brexit hangover

Xinhua, June 28, 2016 Adjust font size:

Canada's main stock market in Toronto fell further down to a five-week low on Monday as losses for resources and financials stocks lingered following Thursday's Brexit vote in Britain.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index lost 202.09 point, or 1.45 percent, to close at 13,689.79 points. Six of the TSX index's eight main sub-sectors were lower.

Crude prices tumbled nearly 3 percent on Monday, with Brent hitting seven-week lows, as a rallying U.S. dollar and market uncertainty over Britain's shocking vote to exit the European Union threatened to sap more strength from oil's rebound this year.

The West Texas Intermediate for August delivery lost 1.31 U.S. dollars to settle at 46.33 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 1.25 U.S. dollars to close at 47.16 U.S. dollars a barrel on the London ICE Futures Exchange.

On the TSX index, the most influential falls were largely financial stocks, with Royal Bank of Canada down 2.60 percent to 75.20 Canadian dollars (57.52 U.S. dollars), and Toronto-Dominion Bank off 1.32 percent to 54.51 Canadian dollars.

Insurer Manulife Financial declined 5.07 percent to 16.47 Canadian dollars and the overall financials group lost 2.11 percent.

Car parts manufacturer Magna International Inc. shed 6.44 percent to 44.00 Canadian dollars. Magna has nine manufacturing facilities in England and plans for another.

Canadian multinational aerospace and transportation manufacturer Bombardier Inc. tumbled 7.18 percent to 1.81 Canadian dollars.

Offsetting the declines was a string of gold miners, as bullion maintained a two-year high hit on Friday, as well as Fairfax Financial Holdings Ltd, expected to perform well in an economic downturn given its bets on low growth and low rates.

Fairfax shares advanced 1.89 percent to 677.80 Canadian dollars, after jumping on Friday when most of its financial services peers fell.

TSX energy and mining groups were hammered by 2.74 percent and 3.45 percent respectively.

The Canadian dollar traded lower largely due to a combination of weaker stocks, lower oil prices and a stronger greenback.

The loonie closed lower at 0.7649 U.S. dollar, compared with Friday's closing rate of 0.7693 U.S. dollar. Endit