CANADA STOCKS-TSX closes slightly lower as retail losses offset energy, mining gains

By Kitco News / February 22, 2018 / www.kitco.com / Article Link

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TORONTO, Feb 22 (Reuters) - Canada's main stock index closed marginally lower on Thursday as resource-related gains on a rise in commodity prices were offset by declines in consumer stocks after weak retail sales data, and investors digested a raft of corporate earnings reports.

* The Toronto Stock Exchange's S&P/TSX composite index was down 15.84 points, or 0.1 percent, at 15,508.17.

* CCL Industries ended the day with the biggest gains on the index, up 9.3 percent, after the label manufacturer reported better-than-expected fourth-quarter profits. * Mining-related companies SNC-Lavalin Group and Kirkland Lake Gold and energy companies Peyto Exploration & Development , Secure Energy Services were among the biggest gainers.

* SNC-Lavalin's profit topped expectations and the company gave a strong forecast for 2018. * Spot gold prices rose 0.55 percent to $1,330.89 an ounce, while silver advanced 0.7 percent to $16.608 an ounce. Base metals also rose, with copper futures up 0.6 percent at $7,162 a tonne.

* Oil futures joined the uptrend, with U.S. crude climbing 1.6 percent to $62.69 a barrel.

* The basic materials group on the TSX was the biggest gainer, rising 0.4 percent, followed by energy, with a 0.3 percent advance.

* Infrastructure services provider Stantec Inc was the biggest decliner on the index, sliding 11 percent after its fourth-quarter earnings missed estimates. * Canada Goose and Gildan Activewear were among the biggest decliners on the index, falling 4.6 percent and 3 percent respectively.

* Canadian retail sales unexpectedly declined in December, putting fourth-quarter economic growth on track to be below the central bank's forecast. * Despite the gains in metal prices, gold producers IAMGOLD Corp and Alamos Gold were among the biggest decliners, retreating 8.4 percent and 7.1 percent respectively after reporting fourth-quarter losses.

* There were 114 advancing issues and 126 declining ones. Ten were flat.


(Reporting by Leah Schnurr and Nichola Saminather; Editing by Paul Simao and Sandra Maler)

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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