Canadian Stocks Close Out Worst Year Since 2008 With a Gain
(Bloomberg) -- Canadian stocks rose on the final trading day of the year but it wasn’t enough to prevent them from posting their worst annual performance since 2008.
The S&P/TSX Composite Index gained 0.7 percent to 14,322.86 on thin New Year’s Eve volume after U.S. President Donald Trump reported “big progress” in trade talks with China. The benchmark lost 5.8 percent in December, 11 percent in the fourth quarter and 12 percent for the year amid concerns about global trade, rising interesting rates and plunging oil prices.
On Monday, the materials sector led the gains, rising 1.7 percent as gold stocks climbed. Technology stocks also rose 1.7 percent as Shopify Inc., one of the best-performing stocks on the S&P/TSX this year, added 3.7 percent.
In other moves:
- Aphria Inc. slid 7.9 percent as investors questioned a hostile takeover bid for the Canadian cannabis producer from Green Growth Brands Ltd.
- Turquoise Hill Resources Ltd. jumped 6.6 percent. Its Oyu Tolgoi operation in Mongolia reached a pact to build a power plant near the country’s largest coal mine
- Canada Goose Holdings Inc., one of the best-performing stocks on the S&P/TSX this year, gained 4.6 percent. The retailer opened its flagship store in Beijing following delays amid escalating tensions between Canada and China
- Western Canada Select crude oil traded at a $15.75 discount to WTI
- Gold rose 0.1 percent to $1,284.50 an ounce
- The Canadian dollar weakened 0.1 percent to C$1.3647 per U.S. dollar
- The Canada 10-year government bond yield rose 1 basis point to 1.97 percent
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