Canadian Stocks Experience Mixed Week, Energy Sector Loses Ground

Strategic Insights -

Canadian stocks closed the week with mixed results, with the S&P/TSX Composite Index losing 0.18 percent for the week, despite a decline in the energy sector on Friday. The index measuring the energy sector on the Toronto Stock Exchange lost 1.06 percent, with major players like EnCana Corp. and Suncor Energy Inc. experiencing significant losses. Meanwhile, the S&P/TSX Venture Composite Index closed up 0.41 percent on Friday, driven by gains in other sectors. On the economic front, Canada's trade balance unexpectedly tipped into surplus in December, with a trade surplus of 3.0 billion U.S. dollars, the largest since October 2008.

Key Takeaways:

  • The S&P/TSX Composite Index lost 0.18 percent for the week, with a decline of 73.81 points, or 0.53 percent, on Friday.
  • The energy sector on the Toronto Stock Exchange lost 1.06 percent on Friday, with EnCana Corp. and Suncor Energy Inc. experiencing significant losses.
  • The S&P/TSX Venture Composite Index closed up 0.41 percent on Friday, driven by gains in other sectors.
  • Telus Corp. lost 1.21 percent despite reporting improved fourth-quarter profits and revenue.
  • Gold stocks were major losers, with Yamana Gold Inc., Kinross Gold Corp., and Barrick Gold Corp. experiencing significant declines.
  • Canada's trade balance unexpectedly tipped into surplus in December, with a trade surplus of 3.0 billion U.S. dollars, the largest since October 2008.
  • The Canadian dollar appreciated against its U.S. counterpart on Friday, with one U.S. dollar buying 0.9873 Canadian dollars at 5 p.m. local time (2200 GMT).

Statistics:

  • The S&P/TSX Composite Index declined 73.81 points, or 0.53 percent, on Friday, closing at 13,766.76.
  • The energy sector on the Toronto Stock Exchange lost 1.06 percent on Friday.
  • EnCana Corp. dropped 3.09 percent, while Suncor Energy Inc. reduced 2.14 percent.
  • Yamana Gold Inc. lost 2.44 percent, while Kinross Gold Corp. decreased 1.88 percent.
  • Barrick Gold Corp., the world's largest bullion producer, went down 1.31 percent.
  • The S&P/TSX Venture Composite Index closed up 9.74 points, or 0.41 percent, at 2,357.56 on Friday.
  • Canada's trade surplus was 3.0 billion U.S. dollars in December, the largest since October 2008.
  • The Canadian dollar appreciated 0.0067 against its U.S. counterpart on Friday, with one U.S. dollar buying 0.9873 Canadian dollars at 5 p.m. local time (2200 GMT).

Sources:

  • Xinhua News Agency (February 11, 2011)
  • Comtex News Network, Inc. (February 11, 2011)
  • Statistics Canada (December 2010)
  • S&P/TSX Composite Index (February 11, 2011)
  • S&P/TSX Venture Composite Index (February 11, 2011)