The mar­kets to­day

The Prince George Citizen - - Money -

Canada’s main stock in­dex ended the week higher de­spite clos­ing lower Fri­day on con­tin­u­ing trade anx­i­eties that also gripped U.S. mar­kets. The S&P/TSX com­pos­ite in­dex closed down 63.19 points at 16,341.34 on the day, but was still up nearly 70 points over the trad­ing week short­ened by the Civic hol­i­day.

In New York, the Dow Jones in­dus­trial av­er­age lost 90.75 points at 26,287.44. The S&P 500 in­dex was down 19.44 points at 2,918.65, while the Nas­daq com­pos­ite was off by 80.02 points at 7,959.14.

All three stock mar­kets bounced back dur­ing a mid­week rally af­ter plung­ing as much as 3.5 per cent Mon­day on signs of an ac­cel­er­a­tion of the trade war be­tween the U.S. and China.

The sell­off was sparked by China let­ting its cur­rency fall to its low­est level in a decade and de­cid­ing to stop U.S. crop pur­chases in re­sponse to the Trump ad­min­is­tra­tion declar­ing it a cur­rency ma­nip­u­la­tor. While the week ended up stronger than could have been fore­seen, new signs of trade ten­sions sur­faced Fri­day as U.S. Pres­i­dent Don­ald Trump said the Amer­i­can gov­ern­ment would not do busi­ness with Huawei and Trump in­di­cated that he’s not ready to reach a trade deal with the world’s sec­ond-largest econ­omy. Eight of the 11 ma­jor sec­tors of the TSX closed the day lower, led by ma­te­ri­als with First Quantum Min­er­als Ltd. los­ing seven per cent along with other big gold pro­duc­ers. The de­creases came as the De­cem­ber gold con­tract was down $1.00 at US$1,508.50 an ounce af­ter hit­ting a six-year high ear­lier in the week. The Septem­ber cop­per con­tract was down 1.85 cents at US$2.59 a pound.

Health care fell about one per cent even though CannTrust Hold­ings Inc. re­versed an early share loss to close up more than 40 per cent de­spite an­nounc­ing an in­de­pen­dent out­side auditor had with­drawn its en­dorse­ment of the com­pany’s 2018 fi­nan­cial state­ments. The en­ergy sec­tor was the best performer, led by Cres­cent Point En­ergy Corp. and En­cana Corp. with crude prices bounc­ing back from weak­ness ear­lier in the week on con­cerns that a slow­ing global econ­omy would hurt de­mand. In ad­di­tion, Saudi Ara­bia in­di­cated it could be ad­vanc­ing the ini­tial pub­lic of­fer­ing of its sta­te­owned oil com­pany Aramco to early next year.

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