TSX lost 11 per cent of its value in 2015

TORONTO -- The Toronto stock market ended with a thud on Thursday as it closed out what has been one of its more tumultuous years in recent memory.

See Full Article

As it dragged to the finish line, the S&P/TSX composite index ended the session 132.34 points lower at 13,009.95 -- the third consecutive day that Canada's main index has weakened since trading resumed after the Christmas holidays.

For the year, the TSX has lost just over 11 per cent of its value, primarily as a result of a decline in key commodities prices.

Much of the blame can be placed on the drop in oil prices, which have fallen 30 per cent since the end of 2014.

The February contract squeezed a small gain of 44 cents in the final session of the year, closing at US$37.04 a barrel, while February natural gas rose 12 cents to US$2.34 per mmBtu.

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

"It will probably mirror what the coming year might bring," he added.

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

Markets also turned lower south of the border on the final trading day of 2015 year, although U.S indexes ended mixed year over year.

The Dow Jones average closed down 178.84 points at 17,425.03 on Thursday, down some 2.2 per cent on the year.

The S&P 500 finished 19.42 points lower at 2,043.94 on the day, enough to put it about three-quarters of a per cent in the red for the year. It was the worst return for the index since 2011.

The Nasdaq lost 58.44 points to 5,007.41, but stood out as the only major Wall Street market to strengthen in 2015 -- rising 5.7 per cent.

Elsewhere in commodities, the February gold contract was up 40 cents at US$1,060.20 an ounce, but still ended the year weaker.

Gold has now fallen for three consecutive years, ending 2015 down 10.5 per cent.

March copper dropped by a penny to US$2.14 a pound.

North American stock markets will be closed on Friday for New Year's Day before resuming on Monday morning as traders look to begin the year on better footing.

"I wouldn't be surprised if we do see the markets rebalance quicker than expected," Yie said, noting that traders tend to look to future events to fuel their decisions.

"I wouldn't say I'm optimistic, but more constructive versus the (previous) 12 months."


Latest Economic News

  • Bank places 100 'lucky pennies' across U.S. worth $1,000 each

    Economic CTV News
    DETROIT -- Stopping to pick up a stray penny off the ground may not seem worth the effort, yet one bank is trying to change that mindset by placing 100 fake pennies across the country worth $1,000 apiece. Source
  • Postmedia: Layoffs possible if buyouts don't meet cost-cutting target

    Economic CTV News
    TORONTO -- Postmedia said Thursday it plans to reduce its salary costs by 20 per cent through voluntary staff buyouts, adding that layoffs are possible if that target isn't met as it announced net losses that nearly doubled in its most recent quarter. Source
  • Wal-Mart, JD.com offer more choices for Singles Day

    Economic CTV News
    NEW YORK -- Wal-Mart and JD.com are offering more choices for Chinese shoppers ahead of Singles Day, one of the world's biggest online shopping days of the year. That includes two-hour delivery services at some Wal-Mart stores and a Wal-Mart global store on JD Worldwide, JD.com's cross-border platform. Source
  • Postmedia aiming to cut staff costs again

    Economic CBC News
    Postmedia Network Canada Corp. says its intends to reduce staffing costs again as the company reported lower revenue and a deeper quarterly net loss. The company, which currently has about 4,000 employees, says it plans to cut costs through staff buyouts over the next few weeks, adding that layoffs are possible if its target isn't met. Source
  • Snoopy, Peanuts gang, cut loose by insurance giant MetLife as it retools

    Economic CBC News
    The MetLife Snoopy Two blimp comes in for a landing at the Park Township Airport in Holland, Mich., in this July 2007 photo. After 31 years as the face of insurance giant MetLife Inc. Source
  • Justin Trudeau on hand as Amazon announces Toronto-area expansion that will employ 700 people

    Economic CBC News
    Prime Minister Justin Trudeau is set to make an announcement at an Amazon facility in Brampton, Ont., on Thursday. It's not known what the announcement may entail, but given recent news from the company, it's likely to be jobs-related. Source
  • Justin Trudeau to make announcement at Toronto-area Amazon facility

    Economic CBC News
    Prime Minister Justin Trudeau is set to make an announcement at an Amazon facility in Brampton, Ont., on Thursday. It's not known what the announcement may entail, but given recent news from the company, it's likely to be jobs-related. Source
  • Snoopy, Peanuts gang, cut loose by MetLife as it retools biz

    Economic CTV News
    Snoopy has been handed the pink slip. After 31 years (almost 170 dog years) as the face of insurance giant MetLife Inc., the company said Thursday that it is launching a new global branding effort, marking the end of a long relationship with Charlie Brown's beagle and the Peanuts crew. Source
  • AltaGas gives green light to North Pine propane plant in northeastern B.C.

    Economic CTV News
    CALGARY -- AltaGas Ltd. (TSX:ALA) has decided to go ahead with construction of a propane extraction plant in northeastern British Columbia that will supply the proposed Ridley Island export terminal near Prince Rupert, B.C. The Calgary-based company says the North Pine processing facility, 40 kilometres northwest of Fort St. Source
  • Energy East pipeline 'will happen,' but taking too long: Arthur Irving

    Economic CTV News
    HALIFAX - The chairman of Irving Oil says the proposed Energy East Pipeline being considered by federal regulators "will happen," but it's taking too long. Arthur Irving says Alberta's struggling economy badly needs the pipeline to sell its fossil fuels, while his firm remains eager to form a partnership with TransCanada (TSC:TRP) to build a deepwater terminal in the Bay of Fundy where tankers can ship the crude to the world. Source