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Canadian stocks slightly down on energy, health care

Xinhua, November 4, 2016 Adjust font size:

TORONTO, Nov. 3 (Xinhua) - Canada's energy and health care stocks continued their recent downswings, causing the country's stock market to end the day with a modest decline.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index inched down 11.30 points, or 0.08 percent, to close at 14,583.42 points. Eight of the ten sub-sectors were in the negative on Thursday.

After rallying to a 16-month high two weeks ago, Toronto stocks have slumped 354.05 points in the nine trading days since, a 2.38 percent decline. Furthermore, seven of the last nine sessions have ended in the red.

The TSX health care group was hit the hardest on the day, falling 3.98 percent. Drug makers Valeant Pharmaceuticals and ProMetic Life Sciences Inc. shares fell 8.75 percent to 25.86 Canadian dollars (19.32 U.S. dollars) and 6.74 percent to 2.63 Canadian dollars (1.97 U.S. dollars), respectively. The sub-sector has dipped 6.08 percent over the last five days and plunged a staggering 32.21 percent over the past 12 months.

The energy sector also did not fare well on Thursday, retreating 0.66 percent as crude oil fell for a fifth consecutive day and eight out of past nine days. January contract of Brent in London ended the day down 76 cents to 46.38 U.S. dollars a barrel.

Despite oil trending the wrong direction, Calgary-based Encana Corp. shares rose 5.60 percent after costs were cut by over 80 percent compared to the same period last year. The firm decreased expenses from 3.14 billion U.S. dollars to 600 million through downsizing, raising efficiency and innovation.

Utilities gave back 0.93 percent, while Consumer Staples declined 0.42 percent.

The TSX industrials group faded 0.08 percent after the government increased the foreign investment cap on Canadian airlines from 25 percent to 49 percent. As a result, shares of Air Canada and WestJet, the country's two largest airlines dropped 3.20 percent and 1.35 percent, respectively.

Materials and Financials groups were the lone winners on the session. The TSX Materials group, which feature miners of gold and other metals, rose 1.01 percent. Shares of miners Kinross Gold Corporation and HudBay Minerals Inc. soared 8.86 percent and 6.57 percent, respectively.

Heavyweight Financials groups advanced 0.27 percent as Manulife shares grew 0.84 percent to 19.14 Canadian dollars (14.30 U.S. dollars) and Bank of Nova Scotia increased 0.43 percent to 71.62 Canadian dollars (53.51 U.S. dollars).

The Canadian dollar ended the day up 0.0008 to 0.7472 U.S. dollars, compared to Wednesday's closing rate of 0.7464. Endit