TSX closers lower

The Guardian (Charlottetown) - - BUSINESS - THE CANA­DIAN PRESS

The Toronto stock mar­ket closed lower Fri­day, dragged down by the energy and min­ing sec­tors, while the Cana­dian dol­lar crept marginally higher.

The S&P/TSX com­pos­ite in­dex fell 79.13 points to close at 14,186.24.

“Com­mod­ity stocks are just not the place to be right now,” said Ian Nakamoto, di­rec­tor of re­search at MacDougall MacDougall & Mac­Tier Inc. in Toronto.

The Septem­ber con­tract for crude oil fell 31 cents to US$48.14, while the Au­gust nat­u­ral gas con­tract dropped four cents at US$2.776 and the Au­gust gold con­tract fell US$8.60 at US$1,085.50.

The energy sec­tor of the TSX lost more than two per cent, while the met­als and min­ing sec­tor de­clined 1.57 per cent.

Mean­while, the loonie, which has been flirt­ing with its low­est level since 2004, rose 0.03 of a cent at 76.72 cents US.

“That's prob­a­bly as good a re­flec­tion as any­thing in terms of what for­eign­ers think of our mar­kets,” Nakamoto said.

In the U.S., mar­kets closed lower amid dis­ap­point­ing quar­terly earn­ings re­sults and weak eco­nomic data. A hous­ing re­port in­di­cated that sales of new sin­gle-fam­ily homes dropped to the slow­est pace in seven months.

The Dow Jones in­dus­trial av­er­age lost 163.39 points at 17,568.53, while the Nas­daq dropped 57.78 points at 5,088.63 and the S&P 500 gave back 22.50 points at 2,079.65.

How­ever, Nakamoto noted that U.S. mar­kets are still far­ing bet­ter than those north of the bor­der.

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