TSX loses ground
TORONTO (Reuters) - The Toronto Stock Exchange’s main index ended lower as energy issues fell along with oil prices, while trading was muted with US markets closed for the Presidents Day holiday.The S&P/TSX composite index closed down 20.40 points, or 0.2 percent, at 13,291.55.
Overall, four of the TSX index’s 10 main groups were lower, led by a 0.8 percent drop in the heavyweight energy group.
“With the markets closed in the States today Canadian markets are having difficulties trying to find any direction,” said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management, in Calgary, Alberta.
Shares of energy companies fell along with the price of crude oil, which dropped below $59 a barrel on expectations that warmer North American weather will cut demand for heating oil.
Canadian Natural Resources fell C$1.14, or 1.9 percent, to C$59.57, while Suncor Energy slipped 80 Canadian cents, or 0.9 percent, to C$86.30.
The utilities and telecoms sectors also weighed on the market, dropping 0.6 percent and 0.5 percent, respectively.
The resource-laden materials group was up 0.06 percent. Shares of Barrick Gold rose 23 Canadian cents, or 0.6 percent, at C$36.61, while Iamgold was up 55 Canadian cents, or 5.4 percent, to C$10.68.
Iamgold announced an increase in the estimate of unmined gold at its Rosebel mine in Suriname, the firm’s most important asset, and said production at Rosebel should return to normal by the middle of the week after the company and striking workers reached a deal.
Economic data due this week could give the market more direction, said Kate Warne, market strategist at Edward Jones in St. Louis, Missouri.
