Canadian Stocks Fall for Fifth Day, Energy Sector Drags Market Down

Strategic Insights -

Canadian stocks suffered their fifth consecutive loss on Friday, with the S&P/TSX Composite Index declining by 1.47% to close at 13,318.66. The energy sector led the decline, down 2.14%, as major players like Suncor Energy Inc. and Talisman Energy Inc. fell 2.15% and 2.67%, respectively. The diversified metals and mining sector also took a hit, losing 1.77%, with Lundin Mining Corp. and Teck Resources Ltd. decreasing by 3.16% and 3.64%, respectively. However, Sino-Forest Corp rebounded significantly, jumping 16.63% after a brief but intense collapse of over 60% the previous week.

Key Takeaways:

  • The S&P/TSX Composite Index closed down 199.25 points, or 1.47 percent, at 13,318.66.
  • The energy sector on the Toronto Stock Exchange (TSX) dropped 2.14 percent, with Suncor Energy Inc. declining 2.15 percent and Talisman Energy Inc. reducing 2.67 percent.
  • The diversified metals and mining sector on the TSX lost 1.77 percent, with Lundin Mining Corp. decreasing 3.16 percent and Teck Resources Ltd. tumbling 3.64 percent.
  • Sino-Forest Corp rebounded 16.63 percent, recovering from a more than 60 percent dive in the previous week.
  • The S&P/TSX Venture Composite Index closed down 41.07 points, or 2.00 percent, at 2,014.55.
  • Building permits in Canada plummeted 21.1 percent in April, following a 16.8 percent increase in March and a nearly 10 percent upswing in February.

Statistics:

  • Canadian stocks fell for 5 consecutive days.
  • S&P/TSX Composite Index declined by 1.47% to 13,318.66.
  • Energy sector on the TSX dropped 2.14%, led by Suncor Energy Inc. (−2.15%) and Talisman Energy Inc. (−2.67%).
  • Diversified metals and mining sector on the TSX lost 1.77%, with Lundin Mining Corp. (−3.16%) and Teck Resources Ltd. (−3.64%).
  • Sino-Forest Corp rebounded 16.63% after a 60%+ collapse.
  • Building permits in Canada decreased 21.1% in April.

Sources:

  • Xinhua News Agency
  • Statistics Canada
  • Comtex SmarTrend Alert (via Comtex News Network, Inc.)