Canadian stocks sink to 6-week low

Canada's main stock market closed the week at its lowest point since Sep. 19 influenced by concerns about the upcoming U.S. presidential election, despite favorable economic data released by the federal government.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index dipped 74.17 points, or 0.51 percent, to end the session at 14,509.25 points. All but one of the ten sub-sectors lost ground on the day.

After rising to its highest point in 16 months on Oct. 21, Toronto stocks have given back 429.79 points in the last two weeks, a cumulative 2.88-percent decline. Furthermore, seven of the past nine sessions have ended in losses.

Prior to markets opening on Friday, Statistics Canada reported that the economy added 43,900 jobs in September, shattering the consensus expectation of a 15,000 loss. During the month, part-time jobs rose by 67,100 while full-time jobs declined by 23,100. With an increase in the workforce, the unemployment rate remained at 7.0 percent.

Also, the government body released international trade figures for September which saw Canadian imports growing to a record-high 47.6 billion Canadian dollars (about 35.5 billion U.S. dollars). Compared to August, imports grew 4.7 percent, while exports ticked up 0.1 percent.

Trade with China fell compared to August, with exports falling 10.5 percent to 1.75 billion Canadian dollars (about 1.30 billion U.S. dollars) and imports fading 2.7 percent to 2.99 billion Canadian dollars (about 2.23 billion U.S. dollars).

The positive statistics were overshadowed by the concern of a potential victory by Republican candidate Donald Trump in next Tuesday's U.S. presidential election.

The TSX Materials and Energy groups saw the biggest dips on the day, dropping 0.98 percent and 0.95 percent respectively.

The Materials group, which features miners of gold and other metals, fell despite the spot price of gold rising 1.80 U.S. dollars to 1,305.10 U.S. dollars an ounce. Shares of Kinross Gold Corp. and B2Gold Corp. also contributed to the loss, dipping 2.65 percent and 1.53 percent respectively.

The energy sector did not fare much better, as crude oil prices ended the day down for a sixth straight day and the ninth of the past ten days. The price of Brent for January delivery retreated 73 cents to 45.65 U.S. dollars a barrel.

Shares of Calgary-based energy maker Encana Corp. slipped 0.23 percent to 13.16 Canadian dollars (about 9.82 U.S. dollars) and was the most actively traded stock on the day with volume in excess of 8 million shares. Baytex Energy Corp. and Suncor Energy Inc. also trended in the wrong direction, dropping 0.80 percent and 1.06 percent respectively.

The industrials sub-group dropped 0.43 percent on the day as Montreal-based Bombardier Inc. shares fell 2.20 percent to 1.78 Canadian dollars (about 1.33 U.S. dollars). The airplane and train manufacturer was formally notified by Metrolinx, the company responsible for Toronto's new light rail project, of their intention to terminate a deal worth 770 million Canadian dollars (about 575 million U.S. dollars) due to repeated delays by Bombardier.

The utilities sub-sector was the only group to come out ahead on the day, gaining 0.77 percent.

The Canadian dollar ended the week at 0.7461 U.S. dollar, compared to Thursday's closing rate of 0.7472. Endi