logo
Plus   Neg
Share
Email

TSX Ends Notably Lower On Growth Worries

It was a day out in the negative territory for Canadian shares on Friday as worries about economic growth rose after reports showed another surge in new coronavirus cases in several parts of the U.S. and in a few other countries, including China.

The Federal Reserve's stress test results of top banks took a toll of banking stocks in the U.S., and stocks in Canadian banking space tumbled as well. Crude oil's decline triggered concerns about outlook for energy demand and pushed down oil stocks. Healthcare, utilities, consumer discretionary and telecommunications shares also ended sharply lower.

The benchmark S&P/TSX Composite Index, which plunged to a low of 15,167.59, sliding gradually after a weak start, ended the day with a loss of 257.16 points or 1.66% at 15,188.98. The index shed 1.82% in the week.

Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO), National Bank of Canada (NA.TO), Bank of Nova Scotia (BNS.TO) and Toronto-Dominion Bank (TD.TO) lost 2.4 to 4%. Royal Bank of Canada (RY.TO) declined 2.1%.

TC Energy Corporation (TRP.TO), Air Canada (AC.TO), Suncor Energy (SU.TO), Enbridge Inc. (ENB.TO), BCE (BCE.TO), Power Corporation of Canda (POW.TO) and Nutrien (NTR.TO) ended lower by 1.6 to 2.4%.

Newmont Corporation (NGT.TO), Kinross Gold Corporation (K.TO), SSR Mining (SSRM.TO), Real Matters (REAL.TO) and TFI International (TFII) were among the notable gainers in the session.

U.S. stocks ended sharply lower. The major averages all ended with marked losses. The Dow plunged 2.84%, the Nasdaq slid 2.59% and the S&P 500 tumbled 2.42%.

Most of the markets across Europe ended on a weak note, while Asian markets posted gains.

In commodities, West Texas Intermediate Crude oil futures for August ended down $0.23 or about 0.6% at $38.49 a barrel.

Gold futures for August ended up $9.70 or almost 0.6% at $1,780.30 an ounce, recovering well from the day's low of $1,754.00.

Silver futures for July closed higher by $0.140 or 0.8% at $18.035 an ounce, while Copper futures for July settled at 2.6590 per pound, losing $0.0040 or about 0.2%.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT