Canadian market closes week down as Energy falls

Canada's main stock market in Toronto finished the week lower, as the dip in energy stocks outweighed gains in Information Technology stocks.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite fell 39.71 points, or 0.25 percent, to close the week at 15,575.81 points. Half of the ten sub-groups lost ground on Friday.

The TSX Energy group fell for a second straight day, slipping 1.03 percent as price of March Brent crude oil fell 83 cents to 55.41 U.S. dollars a barrel.

Calgary-based energy firm Baytex Energy Corp. and Encana Corporation were among the most traded stocks on the day, declining 3.20 percent and 2.95 percent, respectively. Also finishing lower was Keystone XL pipeline owner, TransCanada Corporation, closing at 62.71 Canadian dollars (47.72 U.S. dollars), a 1.32 percent setback.

Other groups finishing the day lower were: Health Care (0.33 percent), Utilities (0.24 percent), Financials (0.17 percent), and Consumer Staples (0.15 percent).

The news was not all bad on Friday, as the Information Technology group jumped 0.98 percent after two Toronto-based firms received favourable news.

Shares of supply-chain solutions firm Celestica Inc. soared 11.44 percent to 18.60 Canadian dollars (14.15 U.S. dollars) after fourth quarter revenues rose 7.18 percent to 1.62 billion Canadian dollars (about 1.23 billion U.S. dollars). The firm also announced their decision to halt the production of solar panels due to 'market instability' and 'global oversupply'.

Meanwhile, DH Corporation shares surged 7.60 percent to 24.08 Canadian dollars (18.32 U.S. dollars) after reports that the Canadian Pension Plan Investment Board and multiple U.S. equity firms were interested in acquiring the financial technology firm.

Other groups to finish the week ahead included: Telecommunications (0.38 percent), Materials (0.23 percent), Industrials (0.19 percent), and Consumer Discretionary (0.08 percent).

The TSX Telecommunication Group finished higher as communications and media firm Rogers Communication saw shares climb 1.30 percent to 56.77 Canadian dollars (43.20 U.S. dollars) one day after reporting stronger than expected fourth quarter financials.

The Materials group, which is comprised of producers of gold, precious metals, and raw materials finished ahead as silver and copper prices posted strong gains. The spot price of an ounce of silver surged 2.27 percent to 17.12 U.S. dollars, while a pound of copper rose 1.12 percent to 2.6654 U.S. dollars. Meanwhile, the price of an ounce of gold ticked up 0.25 percent to 1,191.30 U.S. dollars.

Toronto-based miners HudBay Minerals Inc. and IAMGOLD Corporation posted strong gains during the session, finishing with respective gains of 3.42 percent and 2.08 percent.

Consumer Discretionary group also finished in the green as shares of Restaurant Brands, the parent company of Tim Hortons and Burger King, jumped 1.69 percent to 65.72 Canadian dollars (50.01 U.S. dollars) after announcing a joint venture with a group of Mexican investors to open Tim Hortons restaurants in Mexico. This agreement will see the brand enter the Latin American market for the first time. Tim Hortons currently has locations in Canada, United States and the Middle East.

The Canadian dollar ended the week 0.25 cents lower to close at 0.7610 U.S. dollars.

source: Xinhua