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TSX Ends Sharply Lower

The Canadian stock market tumbled on Thursday, extending recent sharp losses, as investors pressed sales at several counters amid rising concerns about global economy.

Concerns about the escalating trade war between the U.S. and China, and outlook for interest rates weighed on the market.

Energy stocks fell as crude oil prices declined after official data from the Energy Information Administration showed a bigger than expected increase in U.S. crude stockpiles for the week ended October 5.

Financial and healthcare stocks too declined sharply. Industrial, real estate and consumer staples stocks slipped as well. Materials stocks rallied after gold futures hit their best close since August 1. Some consumer discretionary and information technology stocks found support.

The benchmark S&P/TSX Composite Index ended down 200.27 points, or 1.29%, at 15,317.13, the day's low. The index touched a high of 15,482.26. On Wednesday, the Index ended down 336.65 points, or 2.12%, at 15,517.40, slightly off the day's low of 15,511.84.

The Capped Energy Index shed 3.38%. Suncor Energy Inc. (SU.TO) declined by 5%, Tourmaline Oil Corp. (TOU.TO), Canadian Natural Resources (CNQ.TO), Encana Corporation (ECA.TO), Cenovus Energy Inc. (CVE.TO) and ARC Resources (ARX.TO) lost 3 to 5%.

The Capped Financial Index climbed down 2.18%. Royal Bank of Canada (RY.TO) declined by about 2%, Toronto-Dominion Bank (TD.TO) ended down 2%, Bank of Nova Scotia (BNS.TO) shed 2.5%, Bank of Montreal (BMO.TO) gained around 1.5%, Canadian Imperial Bank Of Commerce (CM.TO) ended down 2.4% and National Bank of Canada (NA. TO) declined by 2.6%.

Healthcare Index ended 2.27% down. Aurora Cannabis Inc. (ACB.TO), Canopy Growth Corporation (WEED.TO), Knight Therapeutics Inc. (GUD.TO), Aphria Inc. (APH.TO) lost 1.7 to 4%.

The Materials Index climbed up 3.16%. Barrick Gold Corporation (ABX.TO) jumped 9.6% after the company announced preliminary third quarter sales of 1.20 million ounces of gold, up 16% over the second quarter. The company also announced it sold 114 million pounds of copper in the third quarter.

Franco-Nevada Corporation (FNV.TO) gained nearly 7%, Teck Resources (TECK.B.TO) ended 3.85% up, Goldcorp Inc. (G.TO) added 6.85%, Agnico Eagle Mines (AEM.TO) jumped 7.55%, Wheaton Precious Metals Corp. (WPM.TO) surged up nearly 4% and First Quantum Minerals (FM.TO) gained 2.2%.

Among other stock markets, U.S., ended sharply lower after a highly volatile session. The Dow plunged 545.91 points or 2.1%, the Nasdaq slumped 92.99 points or 1.3% and the S&P 500 plummeted 57.31 points or 2.1%.

Asian and European markets too declined on growth concerns.

In U.S. economic news, a report released by the Labor Department today showed a modest increase in first-time claims for U.S. unemployment benefits in the week ended October 6th. The report said initial jobless claims rose to
214,000, an increase of 7,000 from the previous week's unrevised level of 207,000. Economists had expected jobless claims to edge down to 206,000.

Another report from the Labor Department showed consumer prices in the U.S. to have edged up slightly in the month of September. The data showed consumer price index inched up by 0.1% last month, after rising by 0.2% in August. Economists had expected prices to increase by another 0.2%.

The report said the annual rate of consumer price growth slowed to 2.3% in September from 2.7% in August, while the annual rate of core consumer price growth was unchanged at 2.2%.

In commodities, crude oil futures for November delivery ended down $2.20, or 3%, at $70.97 a barrel, after official data showed U.S. crude stockpiles to have risen for a third straight week. Concerns about likely fall in crude
demand due to the impact of trade war on the global economy, also weighed on oil.

Gold prices rose sharply on Thursday, as traders rushed to the safe haven investment after equity markets across the globe tumbled amid mounting worries about global economic growth. Gold futures for December ended up $34.20, or 2.9%, at $1,227.60 an ounce, the highest settlement since August 1.

Silver futures for December ended up $0.280, at $14.606 an ounce. Copper futures for December settled at $2.8030 per pound, gaining $0.0225 for the session.

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