Roger Biduk - Flat Day for Bay Street

Roger Biduk writes:

Stock markets drifted to a weak close Wednesday after another volatile day amid bleak U.S. manufacturing numbers and dismal auto sales results in the United States.

Toronto's S&P/TSX composite index was down 38.39 points to 11,714.51 as the November crude contract on the New York Mercantile Exchange declined $2.11 to US$98.53 a barrel.

The TSX Venture Exchange edged down 8.35 points to 1,406.65, while the CDN$ was up 0.19 cent to 94.16 cents U.S.

In Canada, September auto sales crept slightly higher compared with a year ago as growth in car sales offset a decline in light truck sales, according to auto sales figures compiled by analyst Dennis DesRosiers. Canadian passenger car sales for the month totalled 74,484, up 5.1 per cent from 70,855, while light truck sales dipped 2.2 per cent to 59,647 from 60,972.

In Toronto, the financial sector was up 0.7 per cent at the close of Wednesday trading.

The TSX energy sector lost 2.7 per cent on lower crude prices after the U.S. Energy Information Administration said crude inventories rose by 4.3 million barrels to 294.5 million barrels for the week ending Sept. 26. EnCana (TSX:ECA) was down $2.50 to $65.46 while Suncor Energy (TSX:SU) lost $3 to $41.

The metals sector declined 3.7 per cent. Teck Cominco (TSX:TCK.B) gave up $2.31 to $27.91.

The gold sector gained 1.8 per cent as the December bullion price on the New York Mercantile Exchange increased $6.50 to US$887.30 per ounce. Goldcorp (TSX:G) was up 85 cents to $34.32 while Barrick Gold (TSX:ABX) added 80 cents to $39.77.

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