Canadian stock market tumbles over Portugal's banking system risk

GMT 01:40 2014 Friday ,11 July

Arab Today, arab today Canadian stock market tumbles over Portugal's banking system risk

Canada's main stock market
Toronto - XINHUA

Canada's main stock market suffered Thursday a 100-point dive as investors were concerned about the financial risk of a major Portuguese bank that has shocked global equity markets.
Toronto Stock Exchange's benchmark S&P/TSX Composite Index tumbled 100.71 points, or 0.66 percent, to 15,114.48. All of the 10 main sectors on the index were in the red.
The market sentiment was stricken by the crisis of Portugal's banking system after its top-listed bank Banco Espirito Santo delayed payments on short-term debt, giving an excuse for investors to take money off the table when major U.S. equity indices neared record highs.
Investors were also worried about the possibility of the U.S. Federal Reserve hiking interest rates.
Financials, the most weighed sector in TSX, slipped 0.25 percent in direct response. Royal Bank of Canada was down 0.2 percent to 78.34 Canadian dollars (about 73.58 U.S. dollars), Toronto-Dominion Bank waned 0.24 percent to 55.17 Canadian dollars, and Bank of Nova Scotia fell 0.18 percent to 72.03 Canadian dollars.
The sharp sell-off in TSX Thursday was led by losses from energy and industrial sectors, which plunged 1.25 percent and 1.08 percent respectively. The energy company Canadian Natural Resources lost 0.92 percent to 48.56 Canadian dollars per share, while Suncor Energy Inc. shed 1.42 percent to 44.98 Canadian dollars. And Bombardier, the leading company of Canada's manufacturing industry, declined 0.27 percent to 3.76 Canadian dollars.
Info-tech shares dropped 0.84 percent with Constellation Software Inc. diving 1.56 percent to 261.15 Canadian dollars.
In real estate, according to data released by Statistics Canada, the New Housing Price Index rose 0.1 percent in May, following five months of gains ranging from 0.1 percent to 0.3 percent. The increase was largely the result of higher new home prices in the Prairie region.
Canadian Real Estate Investment Trust gained 1.09 percent to 45. 46 Canadian dollars, and H&R Real Estate Investment Trust added 0. 35 percent to 23.11 Canadian dollars.
On the currency front, the Canadian dollar Thursday rose to 0. 9392 U.S. dollar, from 0.9381 U.S. dollar on Wednesday.

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