Canadian Market Suffers Worst Loss in Five Months
TORONTO (Xinhua) -- Canada's main stock market in Toronto closed the week with its largest single-day decline in five months, as losses in Energy and Financial sectors contributed.
The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite plunged 247.73 points, or 1.57 percent, to close the week at 15,533.47 points. All ten sub-groups lost ground.
After reaching an all-time high on Tuesday, the TSX has fallen three straight sessions. Friday's loss was the steepest single-day decline since Sept. 13, 2016 when the index fell 248.04 points.
The energy and financial groups, which accounts for a combined 55 percent of the index, had the biggest influence on the day's result, dipping 3.20 percent and 1.41 percent, respectively.
The TSX energy group was hit hard as all of the top-10 group members saw declines. Suncor Energy Inc., the largest constituent in the group, dipped 3.76 percent to close the day at 41.24 Canadian dollars (31.46 U.S. dollars). Meanwhile, Calgary-based Husky Energy Inc. shares slumped 5.49 percent to 15.50 Canadian dollars (11.82 U.S. dollars) after reporting an 8.4 percent decline in oil production compared to 2015.
Top-10 members Crescent Point Energy Corp. and ARC Resources Ltd. also lost ground on the day, slipping 4.70 percent and 4.62 percent, respectively.
The story was the same for the financials group, as all of the top-ten members finished the day lower. Shares of Royal Bank of Canada, the country's largest bank by market capitalization, retreated 1.68 percent to 96.61 Canadian dollars (73.69 U.S. dollars) despite the firm reporting a 24 percent increase in net income compared to the same period last year.
Also contributing to the group's demise were Toronto-Dominion Bank (1.33 percent decline), Bank of Montreal (1.69 percent decline), and Manulife Financial Corporation (2.01 percent decline).
The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite plunged 247.73 points, or 1.57 percent, to close the week at 15,533.47 points. All ten sub-groups lost ground.
After reaching an all-time high on Tuesday, the TSX has fallen three straight sessions. Friday's loss was the steepest single-day decline since Sept. 13, 2016 when the index fell 248.04 points.
The energy and financial groups, which accounts for a combined 55 percent of the index, had the biggest influence on the day's result, dipping 3.20 percent and 1.41 percent, respectively.
The TSX energy group was hit hard as all of the top-10 group members saw declines. Suncor Energy Inc., the largest constituent in the group, dipped 3.76 percent to close the day at 41.24 Canadian dollars (31.46 U.S. dollars). Meanwhile, Calgary-based Husky Energy Inc. shares slumped 5.49 percent to 15.50 Canadian dollars (11.82 U.S. dollars) after reporting an 8.4 percent decline in oil production compared to 2015.
Top-10 members Crescent Point Energy Corp. and ARC Resources Ltd. also lost ground on the day, slipping 4.70 percent and 4.62 percent, respectively.
The story was the same for the financials group, as all of the top-ten members finished the day lower. Shares of Royal Bank of Canada, the country's largest bank by market capitalization, retreated 1.68 percent to 96.61 Canadian dollars (73.69 U.S. dollars) despite the firm reporting a 24 percent increase in net income compared to the same period last year.
Also contributing to the group's demise were Toronto-Dominion Bank (1.33 percent decline), Bank of Montreal (1.69 percent decline), and Manulife Financial Corporation (2.01 percent decline).