{"id":190217,"date":"2018-11-18T01:11:15","date_gmt":"2018-11-18T06:11:15","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=190217"},"modified":"2018-11-18T01:11:15","modified_gmt":"2018-11-18T06:11:15","slug":"tsx-ends-down-week-higher-even-as-oil-post-sixth-straight-week-of-falling-prices","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/11\/18\/tsx-ends-down-week-higher-even-as-oil-post-sixth-straight-week-of-falling-prices\/","title":{"rendered":"TSX ends down week higher even as oil post sixth straight week of falling prices"},"content":{"rendered":"
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While some small energies company moved up, the energy sector on the\u00a0TSX\u00a0was down half a per cent on the day as bigger names weakened with the West Canadian Select closing marginally higher from its low. (File Photo by nodomain.cc – Flickr, CC BY 2.0.<\/a>)<\/figcaption><\/figure>\n

TORONTO \u2014 Canada’s largest stock index ended a down week in the black Friday as gold pushed the loonie and the materials sector higher and oil endured its sixth consecutive week of declining prices.<\/p>\n

The January crude contract was unchanged at US$56.68 per barrel Friday but was down almost six per cent for the week as it ended an unprecedented 12-day run of falling prices. West Texas Intermediate was down 26 per cent from its peak in early October.<\/p>\n

The December natural gas contract was up 23.4 cents at US$4.27 per mmBTU.<\/p>\n

While some small energies company moved up, the energy sector on the\u00a0TSX\u00a0was down half a per cent on the day as bigger names weakened with the West Canadian Select closing marginally higher from its low.<\/p>\n

\u201cSo I think it’s just a question of investors wrapping their head around Canadian energy given the particular challenges that we’re facing with take-away capacity being so constrained,\u201d said Patrick Blais, senior portfolio manager at Manulife Asset Management.<\/p>\n

Low Canadian oil prices will force producers to cut production next year which will have a significant economic impact, he added.<\/p>\n

\u201cIt’s a tough week to get any momentum or traction behind the Canadian market given that a lot of the bullishness surrounding investing in Canada was based on oil fundamentals coming into a healthy position and now that’s basically been thrown out and we’re going to face a tough environment to find investors to step back into Canada given the challenging prospects.\u201d<\/p>\n

The S&P\/TSX composite index closed up 10.62 points to 15,155.50, but down from 15.274.44 a week ago.<\/p>\n

The volatile health-care sector closed off two per cent Friday while technology and consumer discretionary rebounded. Materials and telecommunications also closed higher.<\/p>\n

The December gold contract was up US$8 at US$1,223 an ounce and the December copper contract was up 5.20 cents at US$2.80 a pound.<\/p>\n

\u201cIt’s normal to see a bounce back in gold and precious metals, especially given the pressure they’ve been under over the last year,\u201d Blais said in an interview.<\/p>\n

The Canadian dollar traded at an average of 76.02 cents US compared with an average of 75.75 cents US on Thursday.<\/p>\n

In New York, the Dow Jones industrial average gained 123.95 points to 25,413.22. The S&P 500 index was up 6.07 points at 2,736.27, while the Nasdaq composite was down 11.16 points at 7,247.87.<\/p>\n

The U.S. market got a brief boost after U.S. President Donald Trump was hopeful of a deal with China to resolve their trade dispute, but later retreated.<\/p>\n

Earlier, Federal Reserve vice-chairman Richard Clarida suggested that future pace of interest rate hikes may slow.<\/p>\n

The central bank’s more dovish tone and hope of a trade deal are very helpful to equity markets, said Blais.<\/p>\n

\u201cThose are the two of the big risks that equity markets have been facing and if those can be removed it would definitely provide some positive momentum to stocks.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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