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Canadian market lower on Financial and Energy stocks

TORONTO, April 26 (Xinhua) -- After closing the session prior at a two-month high, Canada's main stock market took a step back on Wednesday, as losses in Financial and Energy groups outpaced gains from the Telecommunications sector.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite retreated 95.65 points, or 0.61 percent to close the session at 15,649.54 points. Half of the ten sub-groups ended the day in negative territory.

During the trading day, the Financial and Energy groups were hit the hardest on the day, slipping 1.26 percent and 1.07 percent, each.

After finishing in the green for two consecutive sessions, financial stocks took a step back after Toronto-based Home Capital Group Inc plunged 64.95 percent. The mortgage lending firm shares closed at 5.99 Canadian dollars (4.40 U.S. dollars) after the company announcing that they had secured a 2 billion Canadian dollar line of credit to offset decreases in deposits. Since March, the firm' s high-interest savings account balance has dipped nearly 600 million Canadian dollars due to an Ontario Securities Commission allegation of fraud.

The demise of Home Capital Group also trickled down to Canada' s largest banks. No. 1 ranked Royal Bank of Canada retreated 1.61 percent, while shares of No. 2 ranked Toronto-Dominion Bank shares sank 1.54 percent.

The TSX Energy group closed lower for the seventh time in eight days. A barrel of Brent crude for June delivery fell 1.47 percent to 51.54 U.S. dollars. As a result, Calgary-based Crescent Point Energy Corp and Cenovus Energy Inc saw shares drop 2.17 percent and 1.75 percent, each. Suncor Energy Inc, the largest crude oil producer in the country closed at 41.63 Canadian dollars (30.58 U.S. dollars).

The remaining sectors that fell behind on the day were: Industrials (0.69 percent), Consumer Discretionary (0.64 percent), and Information Technology (0.03 percent).

The Consumer Discretionary group, which consists of producers of non-essentials goods such as automobiles, apparel and entertainment, fell after reports of United States pulling out of North American free-trade agreement sent shares Canada' s largest auto parts makers downwards. Martinrea International shares dipped 2.85 percent and Linamar Corporation shares worsened 0.76 percent. Meanwhile, shares of Magna International Inc declined 1.21 percent to 55.61 Canadian dollars (40.85 U.S. dollars).

Also dragging the group down was fast food conglomerate Restaurant Brands International Inc (RBI) after reporting first quarter financials that fell below expectations. Despite revenues of the firm reaching one billion U.S. dollars in the quarter, sales during the quarter were flat. Conversely, rival McDonalds experienced a four percent growth in the same quarter. As a result, shares of RBI dipped 2.94 percent to 77.02 Canadian dollars (56.58 U.S. dollars).

Offsetting the gains were the Telecommunications and Materials groups, rising 1.23 percent and 0.74 percent, respectively.

The TSX Telecommunications group received a boost after BCE Inc. reported better than expected first quarter results. The parent company of Bell Canada saw adjusted net earnings rise 3.3 percent in the quarter to 758 million Canadian dollars (about 557 million U.S. dollars). Shares of the Montreal-based firm ascended 1.67 percent to 62.70 Canadian dollars (46.06 U.S. dollars).

Rivals of BCE also closed ahead, as Vancouver-based TELUS Corporation jumped 1.23 percent and Toronto-based Rogers Communications Inc rose 0.80 percent.

The remaining groups to close Wednesday' s session ahead were: Materials (0.74 percent), Consumer Staples (0.57 percent), Health Care (0.39 percent), and Utilities (0.27 percent).

The Canadian dollar slipped 0.26 cents to 0.7346 U.S. dollars.

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Hits:  UpdateTime:2017-05-03 08:07:23  【Printing】  【Close