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Canadian stocks inch up on U.S. election day

Xinhua, November 9, 2016 Adjust font size:

Canada's main stock market in Toronto ended Tuesday marginally higher, as investors await the outcome of ongoing election to determine the 45th president of the United States.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index inched up 4.39 points, or 0.03 percent, to close the day at 14,656.84 points. Six of the 10 sub-sectors finished with a positive session.

The Materials group, which feature miners of gold and other metals, was the biggest winner on the day, rising 0.58 percent despite spot price of gold falling 7.00 U.S. dollars an ounce to 1274.50. Toronto-based IAMGOLD Corporation shares soared 7.53 percent to 5.71 Canadian dollars (4.29 dollars) following favorable third quarter net earnings and cash flow figures.

Other strong performers in the sector were HudBay Minerals Inc. and First Quantum Minerals Ltd., surging 9.06 percent and 8.41 percent, respectively.

The Consumer Discretionary group, which feature producers of non-essentials goods such as automobiles, apparel and entertainment, was also up, gaining 0.34 percent. Hudson's Bay Company shares rose 1.87 percent to 16.36 Canadian dollars (12.30 dollars) after the department store chain unveiled a robotic-fulfillment center costing 60 million Canadian dollars (about 45 million dollars) that is expected to compete with e-commerce giant Amazon.

On the losing end, the Health Care sector was hammered on the day, slumping 3.55 percent as Valeant Pharmaceuticals International Inc. stocks plunged 21.91 percent to 19.92 Canadian dollars (14.98 dollars) after adjusted quarterly profits fell short of expectations. Furthermore, the Laval-based drug maker also lowered their rest of year profit forecasts.

Energy stocks were also down, fading 0.32 percent after Brent crude oil in London declined 1.04 percent to 45.81 dollars for a barrel delivered in January.

On the economic front, Canadian Mortgage and Housing Corporation (CMHC) reported that housing starts fell in October to an annualized rate of 192,900 units, compared to September's pace of 219,400. The 12-percent decline is largely attributed to a 43 percent plunge in new housing projects in British Columbia, which introduced a 15 percent real estate tax on foreign investors in August.

Robert Kavcic, Senior Economist at Bank of Montreal believes that the demand in Vancouver, the most populated city in British Columbia, may be dropping.

"Residential construction activity remains a highly regional story in Canada. The new development in October was the falloff in Vancouver, which could be the first sign that builders are responding to much softer demand in that region," said Kavcic in a report.

The Canadian dollar had its largest single-day gain in six weeks, rising 0.0041 dollars to close at 0.7520. Endit