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Canadian stocks slightly down as banks offset energy gains

Xinhua, August 19, 2016 Adjust font size:

Canada's main stock market in Toronto seesawed on Thursday to end fractionally lower as energy stocks gained with higher oil prices while banks and health care companies retreated.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index lost 1.92 point, or 0.01 percent, to close at 14,695.68 points. Four of the TSX index's eight main sub-sectors were lower.

Crude oil prices rose for a sixth straight session Thursday as a weaker greenback made the dollar-denominated oil more attractive for holders of other currencies.

U.S. light sweet crude for September delivery increased 1.43 dollars to settle at 48.22 dollars a barrel in New York, while Brent crude for October delivery gained 1.04 dollars to close at 50.89 dollars a barrel in London.

TSX heavyweight energy was boosted 1.34 percent as Suncor Energy Inc. advanced 0.85 percent to 36.64 Canadian dollars (28.17 U.S. dollars) while Enbridge Inc. went up 1.10 percent to 54.02 Canadian dollars.

Gold stocks also prospered, with Yamana Gold gaining nine cents, or 1.3 percent, to 7.00 Canadian dollars, while Torex Gold Resources added 49 cents, or 1.5 percent, to 33.31 Canadian dollars.

Health care took the most bruises as Valeant Pharmaceuticals subtracted 1.32, or 3.43 percent, to 37.19 Canadian dollars.

Consumer staples also finished in the red, as Alimentation Couche-Tard surrendered 28 cents to 62.17 Canadian dollars, while Loblaw Companies dropped 1.54, or 2.1 percent, to 71.60 Canadian dollars.

Financials were also badly off, as Manulife shed 12 cents to 17.00 Canadian dollars, with Sun Life backing off 26 cents to 40.96 Canadian dollars.

On the economic scene, Statistics Canada reported that foreign investors increased their holdings of Canadian securities by 9.0 billion Canadian dollars in June, with acquisitions led by significant portfolio investment in equities. At the same time, Canadian investors acquired 4.1 billion Canadian dollars of foreign securities, mainly non-U.S. foreign equities.

The agency also said those drawing regular Employment Insurance (EI) benefits in Canada totaled 545,900 in June, essentially unchanged from May. Compared with 12 months earlier, the number of people receiving regular EI benefits was up by 8,000 or 1.5 percent.

The Canadian dollar traded higher at 0.7833 U.S. dollar, compared with Wednesday's closing rate of 0.7778 U.S. dollar. Endit