Technology Resource stocks weigh on Toronto market

04:06  12 july  2018
04:06  12 july  2018 Source:   msn.com

Energy stocks help lift Toronto market

  Energy stocks help lift Toronto market TORONTO - Energy stocks helped lift Canada's main stock index at late morning as the price of oil also ticked higher.  The S&P/TSX composite index closed up 96.38 points at 16,548.72 to top the record close set a day earlier. In New York, the Dow Jones industrial average ended up 143.07 points at 24,919.66.

TORONTO -- Canada's main stock index lost ground on Tuesday as U.S. stocks finished off a roller-coaster day of trading in the red. In currency markets , the Canadian dollar closed at an average trading value of 80.52 cents US, up 0.02 of a U.S. cent, ahead of the Bank of Canada's interest rate

Five of Toronto 's 10 sector indexes traded lower. The stock market is days away from setting a bearish record. Mortgage rates slump as trade fears weigh on a housing market that’s running dry.

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A rise in trade tensions after the U.S. released details of more planned tariffs against China helped send commodities and North American markets down Wednesday, while the loonie also slipped despite a rate hike by the Bank of Canada.

Markets reacted this morning after the U.S. released a list of $200 billion in Chinese goods that could be hit by tariffs, which China promised to retaliate against.

"This is certainly a heightened risk," said Kathryn Del Greco, vice president and investment advisor at TD Wealth.

"We have not, certainly in recent memory, been through a scenario where we have global trading partner tension increasing at the pace that we see."

Toronto stocks higher, U.S. markets also gain

  Toronto stocks higher, U.S. markets also gain The industrials sector helped lift Canada's main stock index at late-morning, while U.S. stock markets also climbed higher as technology companies and banks rose.  The S&P/TSX composite index was up 48.90 points to 16,420.68, after 90 minutes of trading.

Star Business Journal. Markets . Financial sector weighs on Toronto stock market . By The Canadian Press. Tues., May 29, 2018.

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The trade tensions have investors and policy-makers concerned about how rising protectionism could impact global growth, which helped push down prices for commodities including crude and copper.

The concerns weren't enough to stop Bank of Canada governor Stephen Poloz from raising the interest rate a quarter-point to 1.5 per cent Wednesday, though he warned the economy should brace for larger impacts from mounting trade uncertainty.

The rise in the interest rate helped push the loonie up earlier in the day, but it averaged 76.04 cents US for a 0.15 of a US cent drop on the day on trade tensions, said Del Greco.

"At the initial announcement the loonie rallied quite sharply, but throughout the day it lost that momentum and is now down on the day as pressures from the weakening stock market, commodity prices and trade tensions increasing have put further pressure on it."

Toronto stocks close down, loonie edges up

  Toronto stocks close down, loonie edges up Canada's main stock index ended lower as energy stocks weighed, while U.S. stock markets edged higher a day after they were closed for the July 4 holiday. The S&P/TSX capped energy index was slid a per cent to be the worst of the sectors on the TSX as prices for oil and gas both fell.Overall, the S&P/TSX composite index closed down 38.11 points at 16,266.61 as financials and materials stocks also slid.Base metal stocks were up on the day despite a big slide in the September copper contract that ended down nine cents at US$2.83 a pound.Copper has fallen steeply from the nearly US$2.

Canada's main stock index was in the red in late-morning trading, hurt by losses in the financial sector.

Canada's main stock index closed in the red, hurt by losses in the financial sector as political turmoil in Italy was felt across global markets . The S&P/TSX composite index closed down 93.53 points to 15,922.61 as base metals weighed along with financials. Gold stocks helped limit losses on the TSX

Still, Del Greco said Poloz struck a hawkish tone at times and there could be another rate hike coming later in the year.

"Depending on how these trade negotiations do develop, we do anticipate that there could be another rate hike by the end of 2018, but if trade negotiations deteriorate that may get pushed out further in 2019."

Tensions also hit the S&P/TSX composite index, which closed down 131.40 points at 16,417.32, after setting record highs earlier in the week.

Base metals led declines on the market with a 3.67 per cent drop for the index. The growth-linked copper price lost 10 cents to close at US$2.74 a pound for the September contract.

The S&P/TSX capped energy index slipped 1.66 per cent as a combination of trade tensions and a warning from OPEC of potential surplus supplies next year pushed the August crude contract down $3.73 to close at US$70.38 per barrel.

In New York, the Dow Jones industrial average ended down 219.21 points at 24,700.45. The S&P 500 index closed down 19.82 points at 2,774.02 and the Nasdaq composite index was down 42.59 points at 7,716.61.

Toronto stocks close lower, loonie up

  Toronto stocks close lower, loonie up Canada's main stock index closed lower on a day that saw big swings in the oil price while U.S. stocks were down on a shortened trading day ahead of the U.S. July 4 holiday. Oil was initially trading higher Tuesday, cresting US$75 a barrel for the first time since 2014 before it fell after comments by Saudi Arabia about increasing production, said Craig Jerusalim, portfolio manager at CIBC Asset Management."There were indications they had agreed to pump more oil. There had been some soft pressures from the U.S. in the form of tweets suggesting that that's a direction they wanted them to go.

Canada's main stock index was lower in late-morning trading, weighed down by losses in the energy sector. The S&P/TSX composite index was down 29.24 points to 16,046.43, after 90 minutes of trading.

Canada's main stock index was in the red in late-morning trading, hurt by losses in the financial sector.

The August natural gas contract ended up four cents at US$2.83 per mmBTU and the August gold contract closed down $11 at US$1,244.40 an ounce.

Tim Hortons-owner Restaurant Brands International Inc. closed up $1.99 or 2.45 per cent at $83.10 after the company said it plans to open more than 1,500 restaurants in China over the next decade.

Canopy Growth closed up 84 cents or 2.2 per cent at $38.94 a day after the company said it would buy Hiku Brands Company Ltd., which owns the Tokyo Smoke cannabis retail brand.

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