Canadian stock market tumbles amid Greece concerns

GMT 09:38 2015 Thursday ,09 July

Arab Today, arab today Canadian stock market tumbles amid Greece concerns

Canadian stock market tumbles
Toronto - XINHUA

Canada's main stock market in Toronto Wednesday dropped sharply amid investors' worries about Greece debt crisis, and a sudden trading halt of New York Stock Exchange (NYSE).

Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index shed 212.43 points or 1.45 percent to 14,412.07 points, hitting the lowest closing level since Jan. 21, with all the eight major sectors in the negative territory.

The index opened broadly lower and the market sentiment was shattered in the midday trading amid concerns over Greece, which is heading towards a messy exit from the eurozone, after no agreements were made between Greece and its international creditors.

Financials, the most influential sector plunged 1.13 percent when shares of most banks lost ground. Royal Bank of Canada declined 1.11 percent to 75.60 Canadian dollars (about 59.34 U.S. dollars) while Toronto-Dominion Bank lost 1.3 percent to 52.22 Canadian dollars as well.

Resources shares led the fall when the shock from China's equities market triggered investors'concern about the volatility of the commodities prices.

Metals and mining dived 3.01 percent while energy plummeted 2. 19 percent. Oil and gas company Encana shrank 5.52 percent to 12. 67 Canadian dollars, while miner Teck Resources nose-dived 6.28 percent to 11.49 Canadian dollars per share.

TSX lost ground when a sudden trading halt at New York Stock Exchange (NYSE) weighed on the Toronto equity market. The New York Stock Exchange (NYSE) resumed floor trading around 3:10 p.m. after an over 3.5-hour halt on Wednesday due to an undisclosed technical problem.

Losses could also be seen in other sectors, most of which are down more than one percent.

"Economic and markets volatility in China as well as the debt crisis in Greece further demonstrate that now, more than ever, we must stay the course" for the economy, said Canadian Finance Minister Joe Oliver in a keynote speech in Toronto Wednesday.

On the currency front, the Canadian dollar traded at 0.7849 U.S. dollar Wednesday, compared with 0.7867 U.S. dollar Tuesday.

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