Canadian stock market falls over plunging mining shares

GMT 14:11 2015 Tuesday ,24 November

Arab Today, arab today Canadian stock market falls over plunging mining shares

Canadian stock market
Toronto - Arab Today

 Canada's main stock market in Toronto on Monday was in the losing streak as the mining sector led the way.
The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index was down 51.11 points, or 0.38 percent, to settle at 13,382.38 points.
The index failed to move higher on the closing bell amid the mixed performance of the resources shares when Energy added 0.91 percent but Metals and mining tumble 3.94 percent.
Most of the oil and gas stocks were gaining momentum when Saudi Arabia's official news agency reported Monday that the oil-rich country was ready to work with other oil producers within and outside the Organization of the Petroleum Exporting Countries (OPEC) to stabilize the crude market.
Encana Corporation jumped 3.49 percent to 10.67 Canadian dollars (about 8 U.S. dollars) a share and Imperial Oil Limited also rallied 1.29 percent to 42.38 Canadian dollars per share.
However, the gains were erased when the stronger U.S. dollar on Monday weighed on the commodities prices, with the most active gold contract for December delivery fell 9.5 U.S. dollars, or 0.88 percent, to settle at 1,066.80 dollars per ounce on the New York Mercantile Exchange.
Goldcorp Inc., the biggest gold miner in TSX by the market capitalization, declined 1.08 percent to 15.58 Canadian dollars a share.
Monday also witnessed big selloffs in the base metals group, a sub-sector of Metals and mining, when First Quantum Minerals Ltd. was lower 5.81 percent to 4.54 Canadian dollars a share while Teck Resources Ltd. declined 4.66 percent to 5.53 Canadian dollars a share.
And another major loser Health Care dropped 1.71 percent when the Canada's biggest drug maker Valeant Pharmaceuticals International Inc. plunged 3.29 percent to 117.08 Canadian dollars a share.
On the economic beat, according to a report released by Royal Bank of Canada Monday, ongoing volatility across global equity markets and persisting economic uncertainty contributed to the second consecutive quarter of negative growth for Canadian pensions.
On the currency front, the Canadian dollar on Monday lowered to 0.7478 U.S. dollar, when compared with 0.7493 U.S. dollar Friday.

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