Canada Stocks Have Lost Near 180 Pts In Last Two Sessions Amid Coronavirus Fears

Monday, January 27, 2020 4:10 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, closed Monday down 124 points at near 17,443, but still well above a morning low of 17,360 amid fears over how the coronavirus will impact the global economy.

Among sectors, Consumer Staples gained 1.7% as seen as a safe haven area for investment, with Utilities and Telecoms also seen as yield plays. But the heavyweight Energy sector lost 2.6% and Financials lost 0.55%

Of commodities, gold closed at the highest since early 2013 on Monday as investors flee from risky assets to the safe haven of the metal on worries over the effect of measures to contain the Wuhan coronavirus on China's economy. Gold for April delivery rose $5.50 to settle at US$1,583.70 per ounce.

But oil fell to the lowest since October on Monday as the Wuhan coronavirus continues to spread, raising fears that quarantines and travel bans will cut into demand and cause economic damage in China. West Texas Intermediate crude for March delivery settled down $1.05 to US$53.14 per barrel, Marketwatch reported. March Brent crude, the international benchmark, was last seen down $1.40 to US$59.29.

Price: 17443, Change: -122.8, Percent Change: -0.7

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