Monday , December 16 2019

Canadian stocks on worst streak in ‘a year’

Bloomberg

Canadian stocks played catch up with a global rout following August 5’s holiday, with the nation’s benchmark falling the most this year before paring losses.
The S&P/TSX Composite Index fell 0.8 percent, extending its slump for a sixth straight session — its longest losing streak since September 10. Energy stocks were the biggest decliners on the benchmark as the price of oil continued to slide despite China’s move to stabilise the yuan.
Gold miners soared following the precious metal’s rise to near $1,500 per ounce recently.
Consumer discretionary and financials also fell. Materials and health care stocks led to the upside.
Separately, troubled construction firm SNC-Lavalin Group Inc plunged 8.1 percent to a 15-year low after company’s top shareholder Caisse de Depot et Placement du Quebec said SNC must build a culture of execution and take a “major step up in discipline” to implement new strategy.
Gold miners: Eldorado Gold gained 5.6 percent, Yamana Gold jumped 9 percent. Just Energy Group plunged 10.5 percent after CEO change amid strategic review. Peyto Exploration & Development dropped 6.2 percent. Gran Tierra Energy fell 5.4 percent.
Western Canada Select crude oil traded at a $12.85 discount to WTI.
Spot gold rose 0.6 percent to $1,485.70 an ounce.
The Canadian dollar retreated 0.5 percent to C$1.3275 per US dollar.
The Canada 10-year government bond yield fell to 1.23 percent.

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