CANADA STOCKS-TSX closes lower as falling oil, metal prices weigh

By Kitco News / February 07, 2018 / www.kitco.com / Article Link

(Adds stocks, details, updates prices)

By Nichola Saminather

Feb 7 (Reuters) - Canada's main stock index closed lower on Wednesday, dragged down by energy companies and miners as oil and metal prices dropped.

* The Toronto Stock Exchange's S&P/TSX composite index slipped 33.35 points, or 0.22 percent, to 15,330.58.

* Gold and silver-mining company Klondex Mines was the biggest decliner on the index, closing down 7.1 percent after Royal Bank of Canada and Bank of Montreal cut their target price for the stock.

* Gold prices fell as much as 1 percent to $1,311.66 an ounce, and were trading at $1,316.62 as of 4:17 p.m. EST (2117 GMT).

* Energy company Paramount Resources was the second-biggest decliner, with a 6.7 percent drop, followed by copper miner Hudbay Minerals , which lost 5.4 percent.

* U.S. crude hit a one-month low, falling as much as 3.4 percent to $61.25 a barrel; Brent slid as much as 2.5 percent to $65.16, a six-week low.

* Copper futures dropped 2.8 percent to $6,880.05 a tonne.

* Torex Gold bucked the downtrend in metals producers to be the best performer on the index, with a 5.2 percent gain. The company said it had completed financing to restart its ELG Mine Complex in Mexico. * Sleep Country Canada was the second-biggest gainer, up 5 percent, after Laurentian Securities initiated coverage with a "buy" rating.

* Marijuana producer Canopy Growth Corp and Bombardier Inc were the most actively traded stocks on the index.

* There were 124 advancing stocks and 122 declining ones on the index; four were flat.


(Reporting by Leah Schnurr; Editing by 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.

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