Canada’s main stock index gained on Friday, but the rise was limited by continued weakness in mining and oil and gas shares.
Eight of the 10 main sectors on the Toronto Stock Exchange’s S&P/TSX composite index advanced, though advancers barely outnumbered decliners in low-volume trade and the index still notched a 0.2 percent weekly decline as weak crude oil prices weigh.
“Toronto is directionless with a downward bias,” said Norman Levine, managing director at Portfolio Management Corp. “It’s long overdue and welcome. We’ve got stuff we want to buy. We’re getting closer to when we’re going to do that.”
The index ended up 39.48 points, or 0.28 percent, at 14,277.88, losing momentum as U.S. crude prices hit fresh 6-1/2-year lows before settling barely higher at $42.50 a barrel.
Levine said widely owned Crescent Point Energy Corp’s sudden cut to what had been considered an ironclad dividend earlier in the week was weighing on the shares of its peers as investors questioned whether more cuts were to come.
“One should be wary of chasing dividend stocks in resource areas because they can’t be counted upon in good times and bad like non-cyclical companies,” he said.
BlackBerry Ltd (NASDAQ:BBRY) shares are trading +7.13% above their 52 week low price after the last close and -39.35% below the 52 week high. Its latest closing price was down -21.14% from the average-price of 200 days while it kept its distance from the SMA50 at -7.14% and -0.04% compared with the SMA 20.
Shares of Pan American Silver Corp. (USA) (NASDAQ:PAAS) were +17.29% up 52 week lows as of the latest close and -52.92% below the 52 week high. Its latest closing price was down -25.44% from the average-price of 200 days while it maintained a distance from the SMA 50 at -11.95% and +6.77% compared with the SMA 20. Pan American Silver Corp. engages in the exploration, acquisition, development, and operation of silver properties.
First Majestic Silver Corp (NYSE:AG) engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver projects in Mexico. The stock’s latest price traded at +31.93% up 52 week lows after the closing bell and was -63.74% behind its 52 week high. Its latest closing price was -26.01% below the SMA200 while the distance from the SMA 50 and SMA 20 was -11.90% and +11.11% respectively.
Magna International Inc. (USA) (NYSE:MGA) is trading +28.77% higher than the 52 week low price and -11.73% behind the 52 week high. The stock’s latest closing price was -1.53% down from the average-price of 200 days while it kept its distance from the SMA50 at -6.19% and -3.07% compared with the SMA 20. Magna International Inc. develops, manufactures, engineers, supplies, and sells automotive products.
Manulife Financial Corporation (USA) (NYSE:MFC) together with its subsidiaries, provides financial protection and wealth management products and services to individual, corporate, and business customers primarily in Asia, Canada, and the United States. The Company so far this year has moved down -8.53% and its monthly performance stands at -5.96%. The stock was up +9.90% from its 52 week low and was -15.33% below the 52 week high. Its latest closing price was down -4.55% from the average-price of 200 days while it kept its distance from the SMA50 at -6.39% and -2.71% compared with the SMA 20.