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TSX Holds 16,000 But Optimism Fading -- Canadian Commentary

Fri, 10th Nov 2017 21:24

OTTAWA (Alliance News) - Canadian stocks turned in a lousy performance Friday, easing from record highs seen earlier in the week.

The S&P/TSX Composite Index was down 42.82 points to 16,039.26.

Although stocks have declined only gradually over the past few sessions, Toronto's main index may continue to drift lower barring positive catalysts next week.

CAE (CAE.TO) reported earnings and revenue rose last quarter. Shares were upgraded at RBC.

Fairfax Financial (FFH.TO) is boosting its stake in Torstar (TS.B.TO) and and may have significant strategy discussions with the paper. Torstar shares jumped 7%.

Marijuna stocks were in focus after news that the Canadian government wants to pass a cannabis tax of at least USD1 per gram plus GST. Canopy Growth Corp (WEED.TO) shares rose 2.5%.

Hydro One's (H.TO) profit attributable to common shareholders was USD219 million in the three months ended Sept. 30, down from USD233 million last year.

Sherritt International Corp.(S.TO) agreed to restructure its Ambatovy Joint Venture with Sumitomo Corporation.

Crude oil futures fell, trimming strong recent gains as data showed the US oil rig count jumped last week.

The number of rigs drilling for oil in the US rose by nine this week to 738, Baker Hughes said. It was the buggest one-week jump since June.

The natural gas rig count remained unchanged with a total of 169 this week.

Nymex December oil futures settled at USD56.74 a barrel, down 0.8%. Prices eased from 2-year highs seen earlier this week.

Gold futures fell, trimming weekly gains as US stocks steadied.

December gold settled down USD13, or 1%, at USD1,274.20/oz., moving back toward recent 3-month lows.

Copyright RTT News/dpa-AFX

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