Canadian Stocks Post Worst Week Since 2015
(Bloomberg) -- Canadian stocks ended their worst week since August 2015 with another volatile day that started positive and ended with a significant decline.
The S&P/TSX Composite Index fell 1.5 percent to 13,935.67 Friday, bringing its weekly loss to 4.5 percent. Higher-than-average volume as a result of expiring futures and options exacerbated the selling on the last full trading day before Christmas, as did the growing likelihood of a U.S. government shutdown.
All sectors closed in the red, with technology and health-care stocks leading the decline. Cannabis company Aphria Inc. fell 7.4 percent and BlackBerry Ltd. lost 8.1 percent a day after better-than-expected revenue sent its shares higher.
In other moves:
- The Stars Group Inc. gained 7.3 percent after the company won a reversal of an $870 million judgement in the Kentucky Court of Appeals
- Canada Goose Holdings Inc. fell 8.2 percent amid ongoing concerns about Canada-China relations following the arrest of Huawei Technologies Co.’s chief financial officer in Vancouver
- Fiera Capital Corp. rose 1.6 percent. The company is acquiring 80 percent of Palmer Capital Partners Ltd., a U.K.-focused real estate investment manager with over 800 million pounds in assets under management
- Western Canada Select crude oil traded at a $16.50 discount to WTI
- Gold fell 0.7 percent to $1,258.80 an ounce
- The Canadian dollar weakened 0.7 percent to C$1.3598 per U.S. dollar despite stronger economic growth, as the U.S. dollar advanced
- The Canada 10-year government bond yield rose 1 basis point to 2.03 percent
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