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Canadian stock market ends week lower as gold weighs

Xinhua, October 15, 2016 Adjust font size:

Canada's main stock market ended the four-day week down, as gold prices lost nearly half a percentage point on Friday.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index fell 58.72 points, or 0.40 percent, to close the week at 14,584.99 points. Seven of the ten sub-sectors in the index were in the negative on the day.

Toronto stocks opened the session up 78.82 points following favourable Chinese inflation data, but eventually moved into the negative by noon.

Gold prices dipped 0.47 percent to close at 1,253.00 U.S. dollars an ounce. Meanwhile, silver dropped 4 cents, or 0.23 percent to close at 17.47 U.S. dollars an ounce.

The TSX Materials Group, which features miners of gold and other metals was hit the hardest on the day, falling 1.54 percent. Barrick Gold, the world's largest gold miner retreated 2.60 percent to 20.60 Canadian dollars (15.67 U.S. dollars) a share. Toronto-based Yamana Gold Inc. shares were down 3.62 percent to close at 4.79 Canadian dollars (3.64 U.S. dollars).

Utilities sector was one of the bright spots on the session, as Fortis Inc. saw shares rise 2.42 percent to 41.95 Canadian dollars (31.91 U.S. dollars) a share on the day the company debuted on the New York Stock Exchange. The stock was also the most traded during the session, with volume of 11.5 million shares.

The international electricity utility company based out of Newfoundland recently completed an 11.3-billion-U.S. dollar merger of ITC Holdings Corp, a U.S.-based company. Fortis now has operations in Canada, the United States, Central America and the Caribbean.

Meanwhile, Air Canada shares rose 3.01 percent to 12.99 Canadian dollars (9.88 U.S. dollars) after analysts at National Bank Financial increased the target price of the largest airline in Canada.

Brent crude oil price in London fell 0.13 percent for delivery in December to close at 51.97 U.S. dollars a barrel.

The Canadian dollar closed the week at 0.7607 U.S. dollars, compared to Thursday's closing rate of 0.7575 U.S. dollars. Endit