Roger Biduk writes:
Deepening economic gloom pushed stock markets into the red for the fifth straight day Tuesday as investors worried further intervention in financial markets won't prevent a looming recession.
Toronto's S&P/TSX composite index fell 400.88 points to 9,829.55. The benchmark had been up more than 250 points in the morning.
That followed Monday's 573-point loss and 800-plus declines on two separate days last week. The TSX has lost about one-third of its value from its high in June.
The Canadian dollar was down 0.67 cent to 90.31 cents US. The currency has lost more than three cents against the American dollar since the start of October.
The TSX Venture Exchange lost 39.64 points Tuesday to 1,094.46.
In Toronto, the energy sector was down 6.3 per cent even as crude oil posted an increase of $2.25 to US$90.06 a barrel after plunging to an eight-month low Monday on recession fears.
EnCana (TSX:ECA) was down $4.03 to $52.17, and Suncor Energy (TSX:SU) lost $2.34 to $29.16.
The gold sector added 1.2 per cent as the December gold contract on the New York Mercantile Exchange gained $15.80 to $882 an ounce. Goldcorp (TSX:G) was up $1.85 to $28.83, while Barrick Gold (TSX:ABX) added 87 cents to $33.67.
The TSX metals sector lost 6.9 per cent on lower commodity prices. Sector heavyweight Teck Cominco (TSX:TCK.B) was down $2.42 or 11 per cent to $19.96.
The financial sector declined 4.4 per cent. Bank of Montreal (TSX:BMO) lost $1.21 to $39 and Bank of Nova Scotia (TSX:BNS) declined $1.85 to $43.15. Manulife Financial (TSX:MFC) lost $2.04 to $32.67.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Tuesday, October 7, 2008
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