Log In

Reset Password

TSX bounces back from a bad week

TORONTO (Reuters) — The Toronto Stock Exchange's main index ended higher yesterday after last week's more than 400-point loss, getting a bounce from some firmer metals prices and shrugging off more weakness in oil prices.The Toronto Stock Exchange S&P/TSX composite index closed up 75.12 points, or 0.6 percent, at 12,553.09.

TORONTO (Reuters) — The Toronto Stock Exchange's main index ended lower yesterday as energy issues were pulled down by a continued dive in oil prices.The Toronto Stock Exchange S&P/TSX composite index closed down 85.10 points, or 0.7 percent, at 12,467.99.

Five of the TSX index's 10 main groups were down, with the heavyweight energy sector off 1.5 percent as the price of US crude fell below $56 a barrel as unusually mild temperatures in the United States lessened demand for heating fuel.

"Crude oil prices continue to be pressured," said Neil Andrew, associate portfolio manager at Leeward Hedge Funds. "Crude has brought everything else down."

EnCana Corp. lost 10 Canadian cents to close at C$53.25, while Nexen Inc. dipped $1.35, or 2.2 percent, to finish at C$60.65.

The information technology sector slumped 2.2 percent as investors sold shares of Research In Motion Ltd. after Apple Computer Inc.unveiled its iPhone, which might cut into sales of RIM's popular BlackBerry.

RIM shares fell C$12.82, or 7.7 percent, to finish at $154.01.

The resource-laden materials group shed 0.8 percent despite firmness in copper and aluminium prices.

Teck Cominco fell C$2.32, or 3 percent, to C$77.35, and Lundin Mining Corp. shed C$1.57, or 4 percent, to finish at C$37.76.

Yesterday's close reversed the 75-point gain made on the TSX on Monday, which followed a more than 400-point loss clocked over three days last week.

"It's a continuation of the crash in commodities," said John Ing, president of Maison Placements Canada. Ing added that commodities shares have been sold down for a while so it will take some time to bounce back.

On the earnings front, shares of drugstore chain operator Jean Coutu Group Inc. gained 59 Canadian cents, or 4.3 percent, to finish at C$14.40 after the company said second-quarter profit more than doubled due to increased sales from its Canadian and US networks,

Overall market volume was 336 million shares worth C$6.2 billion. Decliners outpaced advancers 939 to 672. The blue chip S&P/TSX 60 index closed 6.3 points lower, or 0.87 percent, at 718.68.