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Canadian stocks open week down, end five-day rally

Xinhua, October 25, 2016 Adjust font size:

Canada's main stock market opened the week slightly down to end five consecutive days of gains, as gold and crude oil prices decreased.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index inched down 16.03 points, or 0.11 percent, to close the day at 14,923.01 points.

After soaring 354.05 points for a 2.43-percent gain last week, Toronto stocks ended the first session of this week with four of the ten sub-sectors in the index losing ground.

Health care and materials sectors were hit the most, falling 1.10 percent and 0.87 percent respectively.

Vancouver-based B2Gold Corp. stocks fell 21.7 percent to 3.61 Canadian dollars (2.70 U.S. dollars) and were the most traded on the exchange during the day with volumes in excess of 7.5 million shares. Gold juggernauts Barrick Gold and Yamana Gold Inc. shares also retreated 2.08 percent and 1.97 percent respectively.

Gold prices declined 0.23 percent to 1,264.80 U.S. dollars an ounce for a contract in December, while crude oil prices also took a step back as Brent delivery in the same month declined 0.54 percent to close at 51.52 U.S. dollars a barrel in London.

The energy sector subsequently fell 0.57 percent as shares of Calgary-based firms Baytex Energy Corp. and Encana Corporation fell 2.43 percent and 2.03 percent respectively.

In positive news, information technology sector saw the largest gain on the day, rising 0.82 percent, as tech firms Celestica Inc. and CGI Group saw shares rose 1.57 percent to 15.54 Canadian dollars (11.62 U.S. dollars) and 2.02 percent to 63.67 Canadian dollars (47.62 U.S. dollars).

Utilities and consumer staples sub-sectors were also up 0.51 percent and 0.50 percent respectively.

The TSX Financial group ticked up 0.16 percent as TD Bank and TD Ameritrade Corp announced a 4-billion-U.S.-dollar acquisition of the discount brokerage Scotttrade Financial Services on Monday.

The deal, which is expected to close in September 2017, will provide TD an access to Scotttrade's 500 branches and over 3 million accounts. Shares of TD Bank rose 0.27 percent to close the session at 60.16 Canadian dollars (44.99 U.S. dollars).

Outside the sub-sectors, Restaurant Brands International Inc., the parent company of global fast food brands such as Burger King and Tim Hortons, saw shares fall 4.49 percent to 59.80 Canadian dollars (45.13 U.S. dollars) after reporting a second consecutive quarter of decline in sales in North American stores.

On the economic front, Statistics Canada reported that wholesale sales in August grew 0.8 percent, a fifth straight month of increase.

Meanwhile, the Federal government and state central bank agreed to extend the use of 2 percent as the inflation target rate for the next five years.

The Canadian dollar fell 0.0026 to end the day at 0.7479 U.S. dollars, compared to Friday's closing rate of 0.7505 U.S. dollars. Endit