Equity markets in Toronto dropped to their lowest levels in nearly four months on Thursday as sluggish oil prices and a selloff in the heavyweight energy sector helped extend the market's recent streak of losses.
The S&P/TSX composite index was off steep lows during the day, but still lost 44.80 points to close Thursday at 14,760.64.
The Canadian dollar gained 0.04 cents at 89.62 cents U.S.
Health-care issues slid, as Valeant Pharmaceuticals dipped 3.7% to $141.60.
Metals stocks were also hard hit, as Lundin Mining shed 3.1% to $5.41.
Gold stocks tried to make up for some of the carnage, as Agnico Eagle Mines gained 3.4% to $33.80.
Shares of oil and gas producers gave back strength, with the prices of both U.S. and Brent crude oil sliding. Canadian Natural Resources declined 1.5% to $41.49, and Suncor Energy recovered two cents to $40.04. The group is down 17% since June.
Financials lost ground as Bank of Nova Scotia fell 1.1% to $68.92, and Toronto-Dominion Bank was down 0.7%, at $53.97.
In corporate news, Canadian Pacific Railway jumped 5.3% to $234.70, after the company said on Wednesday it planned to raise its annual revenue to $10 billion by 2018.
ON BAYSTREET
The TSX Venture Exchange tumbled 18.80 points to 877.55.
Nine of the 14 Toronto subgroups were down on the day, with health-care 1.5% less hale, metals and mining weaker by 1%, and energy sliding 0.8%.
The five gainers were led by gold, up 1%, industrials, up 0.9%, and telecoms, up 0.8%.
ON WALLSTREET
U.S. stock investors remained cautious, with the main benchmarks struggling to find direction and dipping in and out of negative territory in early-morning trade on Thursday.
The Dow Jones Industrials got to within striking distance of breakeven on an otherwise volatile, but finished down 3.66 points to 16,801.05.
The S&P 500 eked up 0.01 points to 1,946.17. The NASDAQ index spent much of the day in the red, but recovered 8.11 points to 4,430.20.
Esperion Therapeutics Inc. surged 17%, after saying late Wednesday a mid-stage clinical trial showed its drug candidate, ETC-1002, significantly lowered bad cholesterol.
DirecTV was up 1% after the satellite-TV provider late Wednesday said it had reached a multiyear agreement with the National Football League.
Bank of America Corp. rose 0.6% after the bank late Wednesday said Chief Executive Officer Brian Moynihan will succeed Charles Holliday Jr. as chairman, effective immediately.
Reporting ahead of the open, Constellation Brands Inc. missed estimates for sales and profits. Shares fell 2.1%.
Economically speaking, the number of people applying for new unemployment benefits fell by 8,000 to 287,000 in the last week of September, yet another sign that layoffs remain low and the labour market continues to improve.
Less positive was a 10.1% drop in factory orders in August, with the number worse than the estimated 8.7% decline.
Investors are still digesting the European Central Bank’s policy action and economic data in the U.S., including stronger-than-expected jobless claims. The take appeared to be that European Central Bank President Mario Draghi didn’t do enough to change dour views about Europe’s growth prospects.
The ECB left rates unchanged at its meeting in Naples, while Draghi, at a press conference, offered details of a new asset purchase meant to rev up the creaky European economy.
Prices for 10-year U.S. Treasuries sagged, upping yields to 2.44% from Wednesday’s 2.40%. Treasury prices and yields move in opposite directions.
Oil prices recovered 54 cents to $91.27 U.S. a barrel.
Gold prices skidded $4.10 to $1,214.80 U.S. an ounce.
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