Canadian stock market dips on weak US manufacturing data

GMT 09:05 2014 Thursday ,02 October

Arab Today, arab today Canadian stock market dips on weak US manufacturing data

Canadian stock market dips
Toronto - XINHUA

 Canada's main stock market on Wednesday lost ground amid worries over lackluster U.S. manufacturing data and concerns about the first Ebola case diagnosed in the United States.
Toronto Stock Exchange's benchmark S&P/TSX Composite Index dropped 1.04 percent to 14,805.44 points, led by the energy and industrials sectors.
A broad selloff in Toronto's equities market on Wednesday was triggered by U.S manufacturing data for September, which continued to fuel worries that the Federal Reserve may raise interest rates sooner than later, despite hints of positive momentum for the U.S. economy,
The healthcare sector shed 0.24 percent after health officials confirmed the first case of Ebola diagnosed in the United States. Extendicare Inc. lost 0.24 percent to 8.20 Canadian dollars. However, Investors focused on shares of companies testing Ebola vaccines. In August, the U.S. Food and Drug Administration told Tekmira Pharmaceuticals Corp. it would allow use of its investigational drug TKM-Ebola in patients with the virus. The company's index advanced 17.31 percent to 27.85 Canadian dollars.
Industrials led TSX decliners, down 2.1 percent, amid fears of a worldwide move away from air travel. WestJet Airlines Ltd. shrank 1.66 percent to 30.88 Canadian dollars and Air Canada gave back 4.56 percent to 8.16 Canadian dollars.
The energy segment lost 2.07 percent as Suncor Energy Inc. dived 1.26 percent to 40.02 Canadian dollars; Canadian Natural Resources Ltd. slumped 3.17 percent to 42.13 Canadian dollars.
The metals and mining sector lost 1.28 percent even though the S&P/TSX Global Gold Index rose 0.08 percent to 166.69 Canadian dollars with December gold gaining 3.9 U.S. dollars to 1,215 dollars per ounce on the Comex division of the New York Mercantile Exchange.
Financials, the index's most heavily weighted sector, dropped 0. 84 percent with Toronto-Dominion Bank losing 1.70 percent to 54.33 Canadian dollars and Royal Bank of Canada down 0.51 percent to 79. 64 Canadian dollars.
In other sectors, Info-tech was down 0.61 percent to 41.04 Canadian dollars. Utilities declined 0.21 percent to 217.89 Canadian dollars.
On the currency front, the Canadian dollar went up Wednesday to 0.8951 U.S. dollar from 0.8929 U.S. dollar Tuesday.

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