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

  • U.S. to sue to stop AT&T from buying Time Warner: Reuters source

    Economic CBC News
    The U.S. Department of Justice will file a lawsuit later on Monday to block AT&T Inc.'s $85.4 billion acquisition of Time Warner Inc., a source familiar with the matter told Reuters on Monday. The legal challenge was expected after AT&T rejected a demand by the Justice Department earlier this month to divest its DirecTV unit or Time Warner's Turner Broadcasting - which contains news network CNN - in order to win antitrust approval. Source
  • Nearly nine in 10 Canadian pot producers say consolidation is inevitable

    Economic CTV News
    TORONTO -- A report released on Monday suggests that 87 per cent of Canadian cannabis companies believe that consolidation is inevitable over the next three years, leaving only a few large players post-legalization. Consultancy firm EY's survey of 11 licensed producers with varying size and scale -- among the approximately 50 licensed producers in the country -- also showed that 75 per cent of the respondents believe the market will be dominated by the entrance of big players such as tobacco,…
  • Yellen to step down from Federal Reserve board

    Economic CBC News
    Janet Yellen is submitting her resignation from the Federal Reserve board to President Donald Trump, announcing that she will leave the board when her successor Jerome Powell is sworn in as Fed chairman. Yellen says that she will "do my utmost" to make sure that there is a smooth transition to Powell, who was tapped by Trump on Nov. Source
  • Loblaws' latest consumer loyalty pitch: $9.99 a month for premium perks

    Economic CBC News
    Loblaws is launching a fee-based subscription program targeting its existing loyalty program members that sweetens the pot for them in terms of rewards, in exchange for an ongoing fee. For $9.99 a month — or $99 a year — a new program the retailer is launching today called PC Insiders will give people who sign up discounts and reward points across many of the chain's stores, both in-person and online. Source
  • Uber Canada's service animal policy criticized by some disability rights advocates

    Economic CTV News
    TORONTO -- Uber Canada has launched a new policy on how its drivers deal with customers who have service animals, but some disability rights advocates say exemptions built into the rules could still lead to discrimination. Source
  • Credit card manipulator reveals point-hogging strategy

    Economic CTV News
    Bank tellers may have rolled their eyes when Avery Campbell started depositing grocery bags full of collectable coins into his account. But he had the last laugh over champagne and caviar while flying first-class to five-star resorts. Source
  • N.B. inks deal with company to provide marijuana for recreational users

    Economic CTV News
    ATHOLVILLE, N.B. -- New Brunswick says it has become the first province to fully secure its supply of recreational marijuana. It announced a memorandum of understanding with Zenabis to provide four million grams of cannabis and derivative products with a retail value of about $40 million. Source
  • Alibaba takes $2.9 billion stake in food retailer

    Economic CTV News
    Alibaba said on Monday it would take a major stake in one of China's top food sellers for US$2.9 billion as the e-commerce giant expands further into the retail world. China's largest e-commerce platform has invested heavily in recent years to connect its online and offline portfolio of businesses, taking stakes in several Chinese grocers, shopping malls, and department stores. Source
  • Nebraska to finally decide on Keystone XL today, the last major hurdle

    Economic CBC News
    Nebraska regulators will announce their decision on Monday on whether to approve TransCanada Corp's Keystone XL pipeline route through the state, the last big hurdle for the long-delayed project. Just days ago, TransCanada's existing Keystone system spilled 5,000 barrels in South Dakota and pipeline opponents said the spill highlighted the risks posed by the proposed XL expansion. Source
  • Nebraska approves TransCanada Corp.'s Keystone XL pipeline

    Economic CBC News
    Nebraska regulators will announce their decision on Monday on whether to approve TransCanada Corp's Keystone XL pipeline route through the state, the last big hurdle for the long-delayed project. Just days ago, TransCanada's existing Keystone system spilled 5,000 barrels in South Dakota and pipeline opponents said the spill highlighted the risks posed by the proposed XL expansion. Source