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Canadian stocks slightly down as crude tumbles

Xinhua, July 28, 2016 Adjust font size:

Canada's main stock market in Toronto inched lower slightly Wednesday as crude oil prices extended losses as the U.S. dollar rallied after the Federal Reserve left interest rates unchanged.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index shed 3.46 point, or 0.02 percent, to close at 14,546.54 points. Five of the TSX index's eight main sub-sectors were lower.

Oil prices tumbled over 3 percent on Wednesday, with U.S. crude futures hitting three-month lows, as the U.S. Energy Information Administration said crude stockpiles soared 1.7 million barrels last week, instead of falling 2.3 million barrels as forecast.

U.S. Texas light sweet crude for September delivery lost 1 U.S. dollar to settle at 41.92 U.S. dollars a barrel, while Brent crude for September delivery fell 1.40 U.S. dollars to close at 43.33 U.S. dollars a barrel, the lowest since May 10.

TSX energy was dragged down 1.58 percent but metals & mining moved up 0.40 percent as gold miners and other resource issues gained.

Barrick Gold Corporation advanced 4.63 percent to 28.22 Canadian dollars (21.39 U.S. dollars), while B2Gold Corp. soared 7.36 percent to 3.94 Canadian dollars.

The most influential gainers included grocery chain Loblaw Companies Limited, which rose 3.67 percent to 73.45 Canadian dollars, and technology company CGI Group Inc., which advanced 7.21 percent to 63.05 Canadian dollars, after both beat earnings expectations.

But Toronto Star publisher Torstar Corporation fell 6.02 percent to 1.56 Canadian dollars after reporting a wider loss and cutting their dividend.

Financial service provider Alaris Royalty Corp. slumped 13 percent to 25.64 Canadian dollars after sharply missing earnings expectations and providing a weaker-than-expected outlook after markets closed on Tuesday.

Family apparel supplier Gildan Activewear Inc. dropped 5.60 percent to 38.61 Canadian dollars after reporting results and a weaker-than-expected outlook.

The Canadian dollar traded lower at 0.7581 U.S. dollar, compared with Tuesday's closing rate of 0.7582 U.S. dollar. Endit