Roundup: Canadian stock market plunges as oil weighs
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E-mail Xinhua, November 25, 2014
Canada's main stock market Monday dropped sharply as falling crude oil price weighed on the energy shares.
Toronto Stock Exchange's benchmark S&P/TSX Composite Index lost 95.72 points, or 0.63 percent, to 15,015.41 points, as gains driven by two railway makers was offset by losses in energy shares.
Industrial, boosted by a rally in the two Canadian railways, advanced up 0.66 percent. Canadian Pacific Railway Ltd. gained 1. 93 percent to 234.47 Canadian dollars(about 207.69 U.S. dollars), while Canadian National Railway Company advanced 1.21 percent to 81.99 Canadian dollars per share.
Another top performer, Hudson's Bay Co., also strengthened the TSX index in the midday trading. Shares of the department store soared to 21.82 Canadian dollars by 8.02 percent on the closing bell, after the retailer announced a 1.25 billion U.S. dollars refinancing plan.
However, the Canadian stock market came under pressure from the resources shares sell-off, with Energy and Metals plunging 2.05 percent and 1.7 percent respectively.
Shares of Canada's energy giants retreated on the falling crude prices Monday. Light, sweet crude for January delivery moved down 0.73 U.S. dollar to settle at 75.78 U.S. dollars a barrel on the New York Mercantile Exchange.
Meanwhile, investors are concerned that speculation of the Organization of Petroleum Exporting Countries not cutting production may further add downward pressure to the crude oil market.
Canadian Natural Resources Ltd. lost 1.52 percent to 42.03 Canadian dollars. Encana Corp. moved down 1.2 percent to 20.63 Canadian dollars and Husky Energy Inc. declined 2.58 percent to 26. 76 Canadian dollars per share. The basic metals giant Teck Resources Ltd. shed 4.51 percent to 19.04 Canadian dollars.
On the currency front, the Canadian dollar went down Monday to 0.8858 U.S dollar from 0.8898 U.S dollar last Friday. Endite
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