Canada stocks hold steady as utility, telecom gains offset metal, tech losses
Canadian equities are largely flat in late-morning trading as defensive sectors help counter weakness in mining and technology shares. The benchmark S&P/TSX composite index edges up 0.62 of a point to 36,137.81, while U.S. markets trade lower.
Highlights
- The S&P/TSX composite index is virtually unchanged, up 0.62 of a point at 36,137.81 as utility and telecom gains offset metal and tech losses.
- The Canadian dollar trades marginally higher at 70.16 cents U.S., up from 70.15 cents U.S. on Thursday.
- December crude oil rises 35 cents U.S. to U.S.$89.09 per barrel, while December gold falls U.S.$3.60 to U.S.$3,881.70 an ounce.
Late-morning market moves
Moneysense reports that Canada’s main stock benchmark is little changed in late-morning trading, with gains in utility and telecom stocks balancing declines in base metal and technology names.The S&P/TSX composite index is up 0.62 of a point at 36,137.81. In New York, the Dow Jones industrial average is down 124.53 points at 52,172.56, the S&P 500 is down 73.48 points at 7,518.92, and the Nasdaq composite is down 432.15 points at 24,933.94.
Currency and commodity backdrop
The Canadian dollar trades at 70.16 cents U.S., compared with 70.15 cents U.S. on Thursday.In commodities, the December crude oil contract is up 35 cents U.S. at U.S.$89.09 per barrel. The December gold contract is down U.S.$3.60 at U.S.$3,881.70 an ounce.
Previously, we outlined the main factors behind the S&P 500 drop as selling pressure persisted ahead of inflation data.
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