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Canadian stock market tumbles over OPEC's decision

(Xinhua)    09:01, November 28, 2014
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TORONTO, Nov. 27  -- Canada's main stock market plummeted Thursday as energy shares dived to a year-and-a-half low following the decision of the Organization of Petroleum Exporting Countries (OPEC).

Toronto Stock Exchange's benchmark S&P/TSX Composite Index dropped 115.97 points, or 0.77 percent, to 14,922.44 points.

Energy shares shed 6.94 percent to 235.54 points, the biggest slump since April 23 when the sector closed at 235.98 points, after OPEC ministers decided in its closely-watched meeting on Thursday to maintain its output level despite crude oil price fell to a four-year low level.

"There is a price decline. That does not mean we should really rush and do something," said OPEC's Secretary-General Abudulla El- Badri.

As a direct response, almost all the Canadian oil and gas giants suffered from the selloff in the energy sector. Suncor Energy Inc. shrank 5.66 percent to 36.86 Canadian dollars (about 32.53 U.S. dollars ) while Canadian Natural Resources Ltd. lost 7. 08 percent to 38.45 Canadian dollars.

Investors believe that the depressed oil price may trigger more concern over the over-supplied output of the world crude market.

The TSX index was also dragged down when metals and mining sector was down 0.88 percent as First Quantum Minerals Ltd. sank 1. 52 percent to 19.46 Canadian dollars and Teck Resources Ltd. lost 0.42 percent to 18.80 Canadian dollars. Gold prices also headed lower as February bullion dropped 0.3 U.S. dollar to 1,197.5 U.S. dollars per ounce on the COMEX division of the New York Mercantile Exchange.

By contrast, healthcare shares led the gainers, climbing 1.95 percent, with the drug maker Valeant Pharmaceuticals International, Inc. jumped 2.99 percent to 167.54 Canadian dollars.

Financials, the index's most heavily weighted sector, advanced 0.54 percent. After Statistics Canada reported on Thursday that Canada's current account deficit narrowed by 1.5 billion Canadian dollars in the third quarter to 8.4 billion Canadian dollars. Foreign direct investment strengthened and was the largest contributor to the inflow of funds in the economy in the quarter.

Royal Bank of Canada rose 0.65 percent to 83.33 Canadian dollars.

Industrials also rallied 0.50 percent, when Canadian National Railway Company increased 1.49 percent to 85 Canadian dollars.

On the currency front, the Canadian dollars went down Thursday to 0.8825 U.S. dollar from 0.8900 U.S. dollar Wednesday.

(Editor:Ma Xiaochun、Gao Yinan)
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