TSX poised to end 2015 deep in the red

TORONTO -- The Toronto stock market was poised to settle deep in the red Thursday, closing out what has been one of its more tumultuous years in recent memory.

See Full Article

In mid-afternoon trading, the S&P/TSX composite index was off 132.21 points at 13,010.08, marking the third consecutive day its been down since trading resumed Tuesday following the Christmas-Boxing Day holiday.

That left Canada's main index down 1,622.36 points -- or a loss of some 11 per cent -- from its close of 14,632.44 exactly a year ago.

"From an investment standpoint it was a year of avoiding Canada," said Cavan Yie, equity analyst of investments at Manulife Asset Management.

The loonie showed some measure of life, closing up 0.23 of a cent at 72.25 cents U.S. Still, that's well below where it finished 2014, when it was worth 86.2 cents U.S.

On commodity markets, the February contract for benchmark crude oil was up 95 cents at US$37.55 a barrel, while February natural gas rose 13 cents to US$2.34 per mmBtu.

Elsewhere in commodities, the February gold contract was unchanged at US$1,059.80 a troy ounce and March copper dropped by a penny to US$2.14 a pound.

Markets in New York also looked to finish the year on a weak note. The Dow Jones average was down 74.51 points at 17,529.36, while the S&P 500 fell 7.47 points to 2,055.89 and the Nasdaq lost 26.48 points to 5039.36.

The modest losses in afternoon trading Thursday nudged the S&P 500 index back into the red for the year, with 2015 shaping up to be the worst year for that market since 2011.

With dividends included, the S&P 500 was on track for a total return of 2.4 per cent for the year, down from 13.7 per cent last year. The Nasdaq is up some 6.4 per cent for the year, while the Dow is on track to end 2015 with a loss of 1.7 per cent.

"It's a lousy end to a pretty lousy year. A very unrewarding year," Edward Campbell, portfolio manager for QMA, a unit of Prudential Investment Management, told The Associated Press.

In European trading, Britain's FTSE 100 dropped 0.5 per cent, putting it down 4.9 per cent for the year. France's CAC-40 slipped 0.9 per cent Thursday, but was up 8.5 per cent on the year. Germany's main stock market was closed Thursday for the holiday but ended the year with a 9.6 per cent gain.



Advertisements

Latest Economic News

  • Home Capital troubles may translate to higher interest rates for some borrowers

    Economic CTV News
    TORONTO -- Troubles at Home Capital Group may translate to higher mortgage rates for less creditworthy borrowers if concerns about the sector increase funding costs for other subprime lenders, experts say. "Inevitably this will likely effect all lenders in the alternative space as it puts the spotlight on the risk, and questions the integrity of some of the mortgages they are lending on," said Steve Pipkey co-founder of Vancouver-based Spin Mortgage. Source
  • Canada restarts free trade negotiations with South American trading bloc

    Economic CBC News
    Canada's hectic international trade agenda is about to get even busier, as it takes new steps toward formal free trade negotiations with Mercosur, the trading bloc that includes the key South American markets of Argentina, Brazil, Paraguay and Uruguay, CBC News has learned. Source
  • Imperial Oil not idle amidst oilsands dealmaking, says CEO

    Economic CBC News
    Imperial Oil is reporting first-quarter earnings that reversed a loss in the same period of last year but fell short of analyst expectations. The Calgary-based oil producer and refiner says net income was $333 million or 39 cents per share in the three months ended March 31, boosted by a gain of $151 million on the sale of former refinery lands in Mississauga, Ont. Source
  • Imperial Oil posts first-quarter profit but falls short of forecasts

    Economic CBC News
    Imperial Oil is reporting first-quarter earnings that reversed a loss in the same period of last year but fell short of analyst expectations. The Calgary-based oil producer and refiner says net income was $333 million or 39 cents per share in the three months ended March 31, boosted by a gain of $151 million on the sale of former refinery lands in Mississauga, Ont. Source
  • U.S. economic growth weakened to 0.7 per cent in first quarter

    Economic CBC News
    The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result underscores the challenge facing President Donald Trump in achieving his ambitious economic growth targets. Source
  • Trump tower fated not to rise in Indonesian isle of the gods

    Economic CTV News
    TANAH LOT, Indonesia -- Thousands of people flock daily to the centuries-old, sacred Hindu temple at Tanah Lot, a rock formation that juts into the Indian Ocean. An island at high tide and flanked by sheer cliffs, it's among Bali's most photographed sites, particularly for the mesmerizing sunsets that transform the waters into a shimmering orange vista. Source
  • Exxon's 1Q profit more than doubles on higher oil prices

    Economic CTV News
    IRVING, Texas -- Exxon more than doubled its profit in the first quarter as rising crude prices magnified the cost cuts made by the company as energy prices tumbled. The Irving, Texas, company earned $4.01 billion, or 95 cents per share, for the three month period, up from $1.81 billion, or 43 cents per share, a year earlier. Source
  • Imperial Oil reports $333M Q1 earnings, raises dividend to 16 cents

    Economic CTV News
    CALGARY - Imperial Oil (TSX:IMO) is reporting first-quarter earnings that reversed a loss in the same period of last year but fell short of analyst expectations. The Calgary-based oil producer and refiner says net income was $333 million or 39 cents per share in the three months ended March 31, boosted by a gain of $151 million on the sale of former refinery lands in Mississauga, Ont. Source
  • Home Capital director quits, citing potential conflict

    Economic CTV News
    TORONTO -- The chief executive of HOOPP has resigned as a director of Home Capital Group and its subsidiaries, citing a potential conflict of interest following the pension fund's decision to provide $2 billion of credit to the mortgage company. Source
  • German airlines to scrap requirement for 2 people in cockpit

    Economic CTV News
    BERLIN -- Germany's aviation association says the country's airlines have decide to scrap rules requiring two people in the cockpit at the same time, implemented after a Germanwings pilot is believed to have crashed his own plane in France two years ago. Source