🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

CANADA STOCKS-TSX win streak ends as Shopify, energy weigh

Published 2017-10-04, 05:16 p/m
CANADA STOCKS-TSX win streak ends as Shopify, energy weigh
CL
-
GSPTSE
-
CNQ
-
FNV
-
SHOP
-

(Adds portfolio manager quotes, details throughout; updates prices)

* TSX ends down 7.51 points, or 0.05 percent, at 15,721

* Four of TSX's 10 main industry groups end lower

* Shopify shares tumble 11.5 percent

* Index ends five-day winning streak

By Fergal Smith

TORONTO, Oct 4 (Reuters) - Canada's benchmark stock index dipped on Wednesday, breaking a five-session stretch of gains, pressured by a sharp fall in shares of online retail platform Shopify Inc SHOP.TO and losses in the energy sector as oil fell.

Shopify, which was the most influential mover on the index, slid 11.5 percent to C$128.95 after short-seller Citron Research commented negatively about the company. overall information technology group retreated 1.3 percent, while energy dropped 0.6 percent as a surprise jump in U.S. crude exports fanned worries about global oversupply. crude prices settled 0.9 percent lower at $49.98 a barrel and Canadian Natural Resources Ltd CNQ.TO also lost 0.9 percent, to end at C$41.87. O/R

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 7.51 points, or 0.05 percent, at 15,721.

"It's a breather" after a very strong run, said Ian Nakamoto, equity specialist at MacDougall, MacDougall & MacTier, a division of Raymond James.

The index has rallied more than 5 percent since August, moving within range of its February record peak at 15,943.09.

"I expect to take that out by the end of the year," Nakamoto said. "The stars are all lining up for Canada."

Solid growth in many major countries is boosting the outlook for commodity-linked shares and investors are embracing high dividend paying stocks, Nakamoto added.

The resources group accounts for 30 percent of the TSX's weight, while the shares of financials, which tend to pay high dividends, account for nearly 35 percent.

Financials ended near flat on Wednesday. But the materials sector, which includes miners and fertilizer companies, added 0.6 percent as gold prices rose.

Franco Nevada Corp FNV.TO climbed 1.1 percent to C$98.34.

Just four of the index's 10 main sector groups ended lower. Advancing issues outnumbered declining ones by 137 to 105, for a 1.30-to-1 ratio on the upside.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.