Canada’s main stock index fell on Wednesday, weighed down by falls in the shares of major banks,
A rise in U.S. oil inventories pushed U.S crude to a settlement below $50 a barrel for the first time since April. Brent also fell.
Gold prices hit a five-year low, and copper and iron ore also struggled due to shrinking Chinese demand.
“The pressure from commodity-related assets is probably going to stay with us for a little longer,” said Sid Mokhtari, director of institutional equity research at CIBC World Markets. “There’s no real catalyst for them to get a lift and that’s why we expect this doldrums or this stagnation to persist.”
Those price drops pulled the Toronto index’s energy sector down 1.1 percent and the mining sub-sector down 2.3 percent.
Pipeline company Enbridge Inc was the index’s most influential loser, down 3.3 percent to C$55.74. Oil producer Canadian Natural Resources was not far behind, declining 2.2 percent to C$31.06.
The Toronto Stock Exchange’s S&P/TSX composite index finished down 69.12 points, or 0.48 percent, at 14,307.12.
Banro Corporation (USA) (NYSEMKT:BAA) together with its subsidiaries, engages in the exploration, development, and production of mineral properties. The Company shares are trading +78..08% above their 52 week low price after the last close and -46.58% below the 52 week high. Its latest closing price was up +2.18% from the average-price of 200 days while it kept its distance from the SMA50 at -33.92% and -30.28% compared with the SMA 20.
Shares of Tekmira Pharmaceuticals Corp (NASDAQ:TKMR) were +8.84% up 52 week lows as of the latest close and -65.45% below the 52 week high. Its latest closing price was down -39.59% from the average-price of 200 days while it maintained a distance from the SMA 50 at -21.32% and -12.45% compared with the SMA 20. Tekmira Pharmaceuticals Corporation, a biopharmaceutical company, focuses on the research and development of RNA interference therapeutics; and provides lipid nanoparticle delivery technology to pharmaceutical partners in Canada.
Teck Resources Ltd (USA) (NYSE:TCK) explores, develops, and produces natural resources in the Americas, the Asia Pacific, Europe, and Africa. The stock’s latest price traded at -1.60% down 52 week lows after the closing bell and was -66.83% behind its 52 week high. Its latest closing price was -40.78% below the SMA200 while the distance from the SMA 50 and SMA 20 was -28.18% and -16.65% respectively.
Canadian Natural Resource Ltd (USA) (NYSE:CNQ) is trading -1.61% lower than the 52 week low price and -46.86% behind the 52 week high. The stock’s latest closing price was -22.49% down from the average-price of 200 days while it kept its distance from the SMA50 at -16.97% and -10.15% compared with the SMA 20. Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs).
SanDisk Corporation (NASDAQ:SNDK) a resource-based company, focuses on acquiring gold and other precious metal purchase agreements and royalties from companies that have advanced stage development projects or operating mines. The Company so far this year has moved down -26.18% and its monthly performance stands at -17.97%. The stock was up +2.45% from its 52 week low and was -64.50% below the 52 week high. Its latest closing price was down -25.74% from the average-price of 200 days while it kept its distance from the SMA50 at -21.11% and -16.63% compared with the SMA 20.