Canadian market closes short-week at a two-week low

Canada's main stock market ended a four-day week with its third straight losing session, as losses in Energy and Financial sectors had the biggest impact on a day with few gainers.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite slipped 112.92 points, or 0.72 percent to finish the week at 15,535.48 points. Nine of the ten sub-groups closed the trading day lower.

The TSX Energy and Financial groups had the biggest percentage drops, falling 1.57 percent and 1.00 percent, respectively.

Energy stocks retreated despite the price finishing higher. A barrel of Brent for June delivery ticked up 0.16 percent to close at 55.74 U.S. dollars. Calgary-based Baytex Energy Corp and Crescent Point Energy Corp led the laggard stocks with respective losses of 3.25 percent and 2.53 percent. Meanwhile, Suncor Energy Inc, the largest producer of crude oil in Canada, saw shares close 1.60 percent lower to settle at 40.69 Canadian dollars (30.53 U.S. dollars).

The TSX Financial group was weighed down by the country' s four largest banks. Top ranked Royal Bank of Canada led the losers with a 1.49 percent loss, while No. 2 ranked Toronto-Dominion Bank retreated 1.07 percent. Bank of Nova Scotia and Bank of Montreal rounded out the list with declines of 1.03 percent and 0.89 percent, each.

Canada' s largest insurance firms also contributed to the group' s demise, as Manulife Financial Corporation fell 0.74 percent to 22.69 Canadian dollars (17.02 U.S. dollars), while Sun Life Financial Inc. closed at 46.69 Canadian dollars (35.03 U.S. dollars) a share, 0.43 percent lower.

Health Care and Materials groups also weighed the index down, slipping 0.81 percent and 0.61 percent, apiece.

Health Care sector fell despite the federal government officially introducing a proposed bill to legalize the production, sale, distribution and possession of marijuana in Canada by July 2018. If the bill is passed, Canada would become the second country to allow recreational use of pot. Uruguay fully legalized the drug in 2013.

Due to the bill being leaked two weeks prior, shares of the country' s largest medical marijuana makers did not benefit from the announcement. Aphria Inc shares dipped 8.27 percent to 7.21 Canadian dollars (5.41 U.S. dollars), while Smith Falls-based Canopy Growth Corporation shares retreated to 9.93 Canadian dollars (7.45 U.S. dollars), a 3.69 percent decline.

The TSX Materials group, which is made up of producers of gold, precious metals, and raw materials, closed lower despite the price of gold, silver and copper all gaining on the day. The spot price of gold ticked up 0.09 percent to extend a five-month high of 1,287.80 U.S. dollars an ounce. The same weight of silver moved up 0.38 percent to 18.52 U.S. dollars, while a pound of copper jumped 1.13 percent to 2.5744 U.S. dollars.

After rocketing 32.24 percent yesterday from being awarded a building permit for an Alaskan project, Vancouver-based Northern Dynasty Minerals Ltd gave back 10.33 percent to close the session 2.17 Canadian dollars (1.63 U.S. dollars). Not all group members finished lower though, as Eldorado Gold Corporation and Yamana Gold Inc. finished the day 4.67 percent and 3.48 percent ahead, respectively.

The remaining laggard groups on the day were: Utilities (0.66 percent), Information Technology (0.57 percent), Industrials (0.32 percent), Consumer Discretionary (0.30 percent), and Consumer Staples (0.07 percent).

The lone group to close ahead was Telecommunications with a 0.04 percent uptick.

The Canadian dollar fell 0.31 cents to close the trading week at 0.7503 U.S. dollars. Endit