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Toronto stocks retreat as Information Technology stocks dip

Xinhua, October 27, 2016 Adjust font size:

Canada's main stock market fell Wednesday for a third straight session as Information Technology sector tumbled to a six-week low.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index fell 63.07 points, or 0.42 percent, to close the day at 14,807.56 points. Six of the 10 sub-sectors in the index lost ground on the day.

After rising 19.65 percent since February, the TSX Information Technology group gave up 2.86 percent on the day to drop to its lowest point since Sep. 13.

A big part of Wednesday's decline was DH Corporation shares plunging 43.38 percent to 16.25 Canadian dollars (about 12.15 U.S. dollars) after third quarter financials fell below expectations.

The Toronto-based firm that provides technology solutions to financial institutions around the world saw income from operating activities before depreciation and amortization in the last quarter fall 16.5 percent year-on-year.

Other tech firms were also in the red on the day, as Kinaxis Inc. and Blackberry Inc. shares fell 3.56 percent and 0.31 percent, respectively.

Industrials sub-sector declined 1.44 percent after Canadian National Railway Company shares dropped 3.84 percent to 84.30 Canadian dollars (about 63.01 U.S. dollars) after disappointing third quarter earnings.

Materials sub-sector, which features miners of gold and other metals fell 1.54 percent, as the price for an ounce of gold in December retreated 6.40 U.S. dollars to 1267.20.

Gold miners Kinross Gold Corporation and Yamana Gold Inc. were among the most actively traded stocks on the day, falling 2.88 percent to 5.06 Canadian dollars (about 3.78 U.S. dollars) and 4.47 percent to 4.91 Canadian dollars (about 3.67 U.S. dollars), respectively.

Meanwhile, the TSX Energy group dropped 0.78 percent after a barrel of Brent crude oil fell below 50.00 U.S. dollars for the first time this month.

Utilities and Consumer Staples sub-sectors were up on the day, gaining 0.67 percent and 0.40 percent.

The Canadian dollar fell 0.0016 to end the day at 0.7475 U.S. dollars, compared to Tuesday's closing rate of 0.07491. Endi