The markets today
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.