{"id":189142,"date":"2018-11-11T02:11:41","date_gmt":"2018-11-11T07:11:41","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=189142"},"modified":"2018-11-11T02:11:41","modified_gmt":"2018-11-11T07:11:41","slug":"toronto-stock-market-ends-volatile-week-lower-oil-prices","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/11\/11\/toronto-stock-market-ends-volatile-week-lower-oil-prices\/","title":{"rendered":"Toronto stock market ends a volatile week down on lower oil prices"},"content":{"rendered":"
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\u201cSo put all that together and you get a classic healthy correction in the equity markets.\u201d (Pixabay)<\/figcaption><\/figure>\n

TORONTO \u2014\u00a0Canada’s main stock index ended a positive week by closing lower Friday as the energy sector sank on a further drop in the price of oil which drove the loonie to a more than four-month low.<\/p>\n

The S&P\/TSX composite index closed down 83.03 points at 15,274.44. but up from 15,150.15 a week ago.<\/p>\n

The December crude contract was down 48 cents at US$60.19 per barrel to the lowest level since February.<\/p>\n

But the market decrease was about more than just oil, says Cavan Yie, a portfolio manager at Manulife Asset Management.<\/p>\n

He said the third quarter hasn’t been a strong earning season. It has shown up in slowing revenue growth, higher than expected operating costs and disappointing margin performance.<\/p>\n

\u201cThis was our fear several months ago when we saw inflation starting to creep up but it’s now manifesting themselves in financial performance,\u201d he said in an interview.<\/p>\n

And several large cap U.S. companies including Apple, Amazon and Google have pointed to slower growth ahead that has created some uncertainty.<\/p>\n

\u201cSome of these weaker outlooks isn’t constructive for equities and on top of that you also have the Fed unwavering on their hiking stance,\u201d he said.<\/p>\n

\u201cSo put all that together and you get a classic healthy correction in the equity markets.\u201d<\/p>\n

The cannabis-heavy health-care sector led on the downside, followed by technology, consumer discretionary, energy and materials. Utilities gained the most and industrials rose on a partial rebound by Bombardier Inc.<\/p>\n

In New York, the Dow Jones industrial average lost 201.92 points to 25,989.30. The decrease was more than offset by three days of triple-digit gains, including a 545-point increase Wednesday in the wake of the U.S. midterm elections.<\/p>\n

The S&P 500 index was down 25.82 points at 2,781.01, while the Nasdaq composite fell by 123.98 points to 7,406.90.<\/p>\n

The Canadian dollar traded lower at 75.72 cents US compared with an average of 76.25 cents US on Thursday.<\/p>\n

The December natural gas contract was up 17.6 cents at US$3.72 per mmBTU.<\/p>\n

The December gold contract was down US$16.50 at US$1,208.60 an ounce and the December copper contract was down 5.15 cents at US$2.68 a pound.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

TORONTO \u2014\u00a0Canada’s main stock index ended a positive week by closing lower Friday as the energy sector sank on a …<\/p>\n","protected":false},"author":44,"featured_media":171699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,43],"tags":[],"class_list":["post-189142","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-stock-markets","mauthors-ross-marowits","mauthors-the-canadian-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/189142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=189142"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/189142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/171699"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=189142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=189142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=189142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}