TORONTO: Canada’s main stock market in Toronto ended a run of eight consecutive days of increases, as losses in Materials and Energy stocks outpaced gains in Telecommunications and Consumer Discretionary sectors. The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite gave back 25.54 points, or 0.16 percent, to end the week at 15,838.63 points. Four of the ten sub-groups lost ground during the session.
The TSX Materials group, which consists up of producers of gold, precious metals, and raw materials, took the biggest hit of the day with a 1.36 percent decline. Yamana Gold’s worse-than-expected fourth quarter result was a major factor, as the stock was the most actively traded with nearly 8.7 million shares exchanged. The Toronto-based firm finished the quarter with a 355.4 million U.S. dollar loss, causing the stock sink 10.02 percent to 4.04 Canadian dollars (3.08 U.S. dollars). Also contributing to the losing day were group members Hudbay Minerals Inc. and B2Gold Corp. The duo saw share prices tumble 5.89 percent and 4.74 percent, respectively. The spot price of gold and silver both retreated to end the day. The price for an ounce of gold closed 0.32 percent lower at 1,234.60 U.S. dollars, while silver finished at 17.95 U.S. dollars, a 0.61 percent decline. Other groups to finish higher were: Energy (0.30 percent), Consumer Staples (0.29 percent), and Industrials (0.27 percent). Energy was pulled down by Enbridge Inc. after the country’s largest pipeline company reported lower-than-expected fourth quarter results. Subsequently, shares of the Calgary-based firm declined 0.83 percent to 54.97 Canadian dollars (41.97 U.S. dollars). Also losing ground on the day were Calgary-based Baytex Energy Corp. and Encana Corporation, fading 0.97 percent and 0.55 percent, respectively. The Industrials group was dragged down by Quebec-based Air Canada after the firm reported lower a reduction in margins due to higher fuel costs.
Shares of the country’s largest airline company tumbled 8.47 percent to 13.18 Canadian dollars (10.06 U.S. dollars). The losses in the group were softened by a 1.20 percent gain in Bombardier stock and a 0.23 percent uptick in Canadian National Railway Company. Telecommunications and Consumer Discretionary led the list of groups that finished the week ahead, gaining 0.62 percent and 0.42 percent, respectively. The TSX Telecommunications Services group, which consists of four firms that provide internet, telephone and television services, saw the biggest percentage growth on a day where all group members finished in the green. Leading the way was Vancouver-based TELUS Corporation, rising 1.29 percent to 43.93 Canadian dollars (33.54 U.S. dollars). Meanwhile, rivals Rogers Communication Inc. and BCE Inc. posted respective increases of 0.75 percent and 0.27 percent. The Consumer Discretionary group, which is made up of producers of non-essentials products such as automobiles, apparel and entertainment, received a boost after Toronto-based retailer Canadian Tire Corporation posted strong fourth quarter earnings. Shares climbed 1.93 percent to 157.49 Canadian dollars (120.24 U.S. dollars) after consolidated revenues during the fourth quarter jumped 7.7 percent to 3.641 billion Canadian dollars (about 2.780 billion U.S. dollars). The remaining groups that finished the week higher were: Health Care (0.43 percent), Utilities (0.20 percent), Information Technology (0.07 percent), and Financials (0.04 percent). The Canadian dollar slipped 0.12 cents to close the week at 0.7635 U.S. dollars.
