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Canadian stocks fall sharply as commodities dip

Xinhua, November 12, 2016 Adjust font size:

Canada's main stock market closed the week falling sharply due to falling commodity prices and uncertainty regarding future policies set by U.S. president-elect Donald Trump.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index fell 188.84 points, or 1.28 percent, to end the day at 14,555.41 points. All of the ten sub-sectors finished the session in negative territory.

Friday's slide was the largest single-day drop for Toronto stocks since Sept. 13 when it retreated 248.04 points.

Gold prices tumbled to a six-month low, as Globex prices retreated 3.07 percent to 1229.70 U.S. dollars an ounce. Silver did not fare any better, sinking 7.28 percent to 17.45 U.S. dollars an ounce. Subsequently, the TSX Materials group, which features miners of gold and other precious metals, slumped 4.33 percent on the session.

Gold miners B2Gold Corp. and Yamana Gold Inc. shares were among the most actively traded during the session and dipped 7.85 percent and 9.15 percent, respectively. Meanwhile, shares of Toronto-based Barrick Gold Corp., the world's largest gold miner, fell 5.47 percent to 20.06 Canadian dollars (14.81 U.S. dollars).

The energy sub-sector performed poorly, declining 1.29 percent as crude oil reached a three-month low. A barrel of Brent in London for January delivery slid 2.26 percent to close at 44.64 U.S. dollars. Calgary-based energy firms Baytex Energy Corp. and Encana Corp. shares descended 3.42 percent and 3.07 percent, respectively.

Utilities and consumer discretionary groups also finished in the red, giving back 1.15 percent and 1.02 percent, respectively.

The industrials sub-sector fell 1.04 percent despite Bombardier Inc. shares rising 3.57 percent to 2.03 Canadian dollars (1.50 U.S. dollars) a day after the Montreal-based manufacturer of planes and automobiles reported better-than-expected quarterly earnings.

The Canadian dollar dipped to an 8-month low to close at 0.7382 U.S. dollar, compared to Thursday's closing rate of 0.7457. Endi