Canada Stocks Lose More Than 30 Points, So Fail To Make It Four Wins A Row

Tuesday, September 29, 2020 4:13 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, on Tuesday failed to make it four wins in a row, on this occasion losing more than 30 points in closing out at 16,211.5. But at least it recovered near 80 points from mid-session lows.

Action Economics, in noting mild risk off returned, restraining stocks and richening bonds, said a "grab bag" of reasons was on offer for today's action -- or lack of it -- in equities. This included worrisome virus developments in Europe, the U.S. presidential debate this evening, and news that NYC recorded a positive virus case rate of 3.25% for the first time in several months. Also, Quebec implemented tighter restrictions on three economic regions. Ontario reported 700 cases on Monday, topping the April record of 640 and prompting speculation that fresh restrictions are on the way. But, AE said, a repeat of the lockdowns seen this past spring are not expected.

Among sectors, Energy dropped near 2.4%, Financials fell 1.4% and Materials was down 0.95%.

Of commodities, Gold rose back above US$1,900 on Tuesday as the U.S. dollar slipped again and investors steered away from riskier equities. Gold for December delivery closed up $20.90 to US$1,903.20 per ounce in Comex electronic trade.

But elsewhere West Texas Intermediate (WTI) crude oil ended back below US$40 per barrel on Tuesday, dropping 3.2% following a report than Russia is not complying with OPEC+ quotas and as demand concerns persist with Covid-19 infections continuing to rise in Europe and North America. WTI crude for November delivery closed down $1.31 to US$39.29 per barrel, Marketwatch reported. November Brent crude, the global benchmark, was last seen $1.34 lower at US$41.09 while Western Canada Select was down $1.71 to US$28.29 per barrel.

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