(MENAFN- ProactiveInvestors) Canadian shares dropped led by resource producers and banks as the decided against a second straight interest rate cut. The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) fell 0.5 percent to 15054.52 at 12:24 p.m. in Toronto. More than two shares declined for every stock that advanced as eight out of ten share groups dropped.
The retained its key interest rate unchanged at 0.75 percent as exported crude oil prices and inflation have remained close to policy makers’ assumptions and a weaker currency will boost non-energy exports.
The energy sector the main index's second most heavily weighted group fell 1.5 percent as oil Canada’s largest export fell below $50 a barrel. Energy (TSE:SU) Canada's largest oil sands producer slumped 0.7 percent to C$37.29. (TSE:ENB) Canada's largest pipeline company slid 0.8 percent to C$57.45.
(TSE:GEI) fell 1.2 percent to C$27.31 even as the energy company declared a 7 percent increase to its quarterly dividend while reporting higher segmented profit and distributable cash flow in the fourth quarter.
Crude for delivery in April fell 1.2 percent to $49.93 a barrel on the New York Mercantile Exchange. April Brent crude on London’s ICE Futures exchange was down 1.6 percent at $60.05 a barrel. Oil fell after a government report showed that crude supplies jumped by more than 10 million barrels in the latest week.
The materials sub-index which includes mining shares fell 1.4 percent as gold retreated on a strong dollar following U.S. economic data. (TSE:G) Canada’s largest gold miner by market value slipped 1.7 percent to C$25.63. (TSE:ABX) the second-largest dropped 2.8 percent to C$15.18.
The financials group which accounts for approximately 34 percent of the main measure more than any other group fell 0.4 percent. () the company with the highest weighting in the index skidded 0.3 percent to C$76.81. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value inched down less than 0.1 percent to C$54.13.
(TSE:TS.B) publisher of the Toronto Star fell 2.8 percent to C$7.27 after reporting declining revenue in the fourth quarter.
Avigilon () a video surveillance company tumbled 14.3 percent to $21.10 as several analysts cut their ratings on the security-products provider’s stock with RBC Capital Markets saying the stock is trading near fair value after having risen sharply since November.
() fell 1.7 percent to C$2.37 after Qatar Airways Ltd. said it won’t buy any CSeries jets.
The junior () decreased 0.8 percent to 696.87.
In currency The Canadian dollar rose after the held its policy rate unchanged citing indications the economy is weathering the plunge in crude oil prices. The loonie strengthened 0.4 percent to C$1.2445 per U.S. dollar at 10:39 a.m. in Toronto. It weakened as much as 0.4 percent earlier.
In the U.S. market shares fell as industrial shares led a broad-based retreat. The S&P 500 (INDEXSP:.INX) fell 0.5 percent to 2097 at 11:42 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) lost 0.6 percent to 18103 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) surrendered 0.3 percent to 4966. Most followed shares included American Eagle Outfitters Wayfair Target and Smith & Wesson.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.