CANADA STOCKS-TSX closes at 14-week low on hawkish Fed, lower gold prices

By Kitco News / February 01, 2018 / www.kitco.com / Article Link

(Adds details, stocks, updates prices to the close)

By Nichola Saminather

TORONTO, Feb 1 (Reuters) - Canada's benchmark stock index ended its fourth day of losses at a 14-week low, as a hawkish Federal Reserve sapped demand for equities, with two cannabis producers posting the biggest declines on Thursday.

* The Toronto Stock Exchange's S&P/TSX composite index ended down 90.75 points, or 0.57 percent, at 15,860.92, its lowest close since Oct. 25.

* Marijuana producer Aphria Inc was the biggest decliner, with a 12.4 percent loss, followed by its rival Canopy Growth , which fell 11.2 percent.

* Aphria said on Thursday it is considering the sale of its U.S. business. It came after the U.S. Department of Justice in January revoked an Obama administration policy that discouraged federal prosecutors from pursuing marijuana-related crimes in states that had legalized the drug. * Technology company Open Text Corp was the biggest gainer, closing up 12.7 percent after reporting a 35 percent increase in second-quarter revenue and seeing ratings upgrades by several analysts.

* Technology and consumer cyclicals were the sectors with the biggest gains, while industrials posted the biggest losses.

* Among the most active Canadian stocks by volume were Canopy and Aphria; Bombardier Inc , down 2.3 percent at C$ 3.40; and Ivanhoe Mines , losing 3.1 percent to C$3.41.


(Reporting by Nichola Saminather; Editing by Nick Zieminski and James Dalgleish)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Recent News

Monetary-driven precious metals outperform major base metals

September 09, 2024 / www.canadianminingreport.com

Gold stocks hit by plunging equities markets

September 09, 2024 / www.canadianminingreport.com

Gold stocks down as metal and equities momentum fades

September 02, 2024 / www.canadianminingreport.com

Another Kazatomprom guidance announcement shakes uranium price

September 02, 2024 / www.canadianminingreport.com

Major monetary drivers still supporting gold

August 26, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok