The mar­kets to­day

The Prince George Citizen - - Money -

TORONTO (CP) — Canada’s main stock in­dex lost ground Thurs­day as a fur­ther drop in the price of oil to an eight-month low weighed on the key en­ergy sec­tor. Mar­kets on both sides of the bor­der were softer af­ter a very strong day fol­low­ing the U.S. midterms, says Jayson Moss, re­search an­a­lyst at Franklin Bis­sett In­vest­ment Man­age­ment.

“What’s weigh­ing par­tic­u­larly on the Cana­dian mar­ket is the fact that we’re see­ing oil en­ter­ing a bear mar­ket, down now 21 per cent since the high on Oct. 3, on con­cerns that the mar­ket will be over­sup­plied and ris­ing U.S. in­ven­to­ries,” he said in an in­ter­view.

The De­cem­ber crude con­tract was down for a ninth straight ses­sion, fall­ing by $1 at US$60.67 per bar­rel. That’s the low­est level since March 8.

The S&P/TSX com­pos­ite in­dex closed down 11.96 points to 15,357.47 af­ter hit­ting a low of 15,293.29 on 414 mil­lion shares traded.

In New York, the Dow Jones in­dus­trial aver­age gained 11.12 points to 26,191.42. The S&P 500 in­dex lost 7.05 points at 2,806.84, while the Nas­daq com­pos­ite was down 39.87 points at 7,530.88. The Cana­dian dol­lar traded at an aver­age of 76.25 cents US com­pared with an aver­age of 76.36 cents US on Wed­nes­day.

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