Monday , June 14 2021

The Toronto Stock Exchange ends an unstable week down at lower oil prices. | management

TORONTO – The Canadian stock index ended a positive week by closing down on Friday, as the energy sector was sunk because of a further decline in oil prices that has been chewing for more than four months.

The S & P / TSX composite index closed 83.03 points at 15,274.44. but at most 15,150.15 a week ago.

The crude contract in December was down by 48 cents to $ 60.19 per barrel at the lowest level since February.

But the market's decline was more than just oil, says Cavan Yie, portfolio manager at Manulife Asset Management.

He said that the third quarter is not a strong earning season. It has been shown to slow down revenue growth, higher than expected business costs and disappointing performance margins.

"It was our fear a few months ago when we saw that inflation began to shrink but is now reflected in the financial results," he said in an interview.

And several large companies in the US, including Apple, Amazon and Google, pointed to a slower growth that created some uncertainty.

"Some of these weaker viewpoints are not constructive for stocks, and on top of that, you also have the Fed unbeatable in its mountainous position," he said.

"So put all this together and get the classic healthy correction on the capital markets."

The condensed heavy health care sector has led to bad, followed by technology, consumer discretion, energy and materials. Services grew the most, and the manufacturers of Bombardier Inc.

In New York, industrial average Dow Jones lost 201.92 points to 25.989.30. Reduction is more than offset by three-day triple gains, including an increase of 545 points on Wednesday after the US high school election.

S & P 500 index fell by 25.82 points to 2.781.01, while Nasdaq composite decline by 123.98 points to 7.406.90.

The Canadian dollar traded below 75.72 US cents compared to the US average of 76.25 cents on Thursday.

The natural gas contract in December grew by 17.6 cents to $ 3.72 per mmBTU.

The gold deal in December was $ 16.50 to $ 1.206.60 per ounce, and the copper production contract in December fell by 5.15 cents to £ 2.68 trillion.

Ross Marowits, Canadian Press

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