Toronto stock market to end volatile week with more losses

TORONTO -- Canada's biggest stock market was poised to end one of its most volatile weeks in recent memory, while the price of oil closed Friday below the US$30 mark for the first time in more than a decade.

See Full Article

Crude futures settled at US$29.42, down US$1.78 from the day before.

The Canadian dollar was down nearly a full cent in late afternoon trading at 68.77 cents U.S.

The loonie has been on a steep descent for two weeks. The last time it registered a gain was on Dec. 31, when it closed at 72.25 cents U.S.

Ian Nakamoto, director of research at wealth management firm 3Macs, said the dollar's slide is going to have an obvious impact on Canadians, particularly those planning vacations in the U.S. But Nakamoto also spoke of another effect.

"When we see the dollar drop like that, I think there is a sense of -- I shouldn't say loss of national pride -- but less confidence in what's going on in Canada," he said.

The Toronto Stock Exchange's S&P/TSX index was deep in the red less than an hour before the closing bell, down 255.84 points to 12,080.27.

Since the beginning of the year, the market has lost about 6.6 per cent of its value.



Advertisements

Latest Economic News

  • Several prospective jurors excused from Shkreli case over impartiality

    Economic CTV News
    NEW YORK - Several prospective jurors have been excused from the federal securities fraud trial of an ex-pharmaceutical company executive because they claimed they couldn't be impartial. Jury selection will continue Tuesday morning in Brooklyn. Source
  • Asian stocks move higher after mixed Wall Street result

    Economic CTV News
    SEOUL, Korea, Republic Of - Asian stocks were mostly higher in range-bound trade on Tuesday after Wall Street closed mixed. KEEPING SCORE: Japan's Nikkei 225 rose 0.3 per cent to 20,213.62 while South Korea's Kospi added 0.1 per cent to 2,391.33. Source
  • 'Like bombs': Bankrupt company's air bags still out there

    Economic CTV News
    Takata's lethally defective air bags proved to be the company's undoing Monday. But it could take years to get the dangerous devices off the road in the U.S. and around the world. Crushed by lawsuits, fines and recall costs, the Japanese auto parts supplier filed for bankruptcy in Tokyo and Delaware and will sell most of its assets for $1.6 billion to a rival company. Source
  • 'A seat at the table': GM CEO Mary Barra on engaging with Trump

    Economic CBC News
    At a time when some business leaders have pulled away from working with U.S. President Donald Trump, the head of General Motors sees a need for engagement with the White House. "I think it's always important when you have an opportunity to have a seat at the table to take it, where decisions are being made," GM CEO Mary Barra said during an exclusive interview with Peter Armstrong, host of CBC News Network's On the Money. Source
  • Alphabet partners with Avis to manage self-driving car fleet

    Economic CBC News
    Waymo, the self-driving car unit of Alphabet Inc, said on Monday it signed a multi-year agreement with Avis Budget Group Inc for the car rental firm to manage its growing fleet of autonomous vehicles, sparking a surge in Avis Budget's stock. Source
  • Air Miles raises cap on in-store redemptions

    Economic Toronto Sun
    TORONTO — Air Miles is raising some of the recent daily limits imposed on redeeming miles for in-store purchases from retailers. The customer loyalty program says the new daily limit on Air Miles Cash redemptions, in most cases, has been raised to $100. Source
  • Disgruntled U.S. Tim Hortons franchisees follow Canadian example, form alliance

    Economic CTV News
    TORONTO - A group representing Tim Hortons franchisees who are unhappy with the management of the coffee-and-doughnut chain says it now has a U.S. chapter, a development that could put further pressure on the parent company. Source
  • Canada, China sign no-hacking agreement designed to protect trade secrets

    Economic CTV News
    OTTAWA -- Canada and China have agreed not to engage in state-sponsored hacking of each other's trade secrets and business information. The two countries reached the agreement during a meeting last week that was part of their new high-level national security dialogue. Source
  • Coal on the rise in China, U.S., India after major 2016 drop

    Economic CTV News
    BEIJING -- The world's biggest coal users -- China, the United States and India -- have boosted coal mining in 2017, in an abrupt departure from last year's record global decline for the heavily polluting fuel and a setback to efforts to rein in climate change emissions. Source
  • Ontario needs innovative skills and apprenticeship training:study

    Economic CTV News
    TORONTO - A new study concludes that Ontario needs to get far more creative in order to properly prepare young people for jobs of the future. The study was commissioned by the Ontario Skilled Trades Alliance which represents companies that employ more than 400,000 skilled trades people across the province. Source