TORONTO MARKET TAKES A HIT AGAIN AS OIL DECLINES

Feb 09, 2016

By Michael Kramer

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The Toronto stock market ended the day two per cent lighter – depleted by declines which were spread across most sectors – and oil dipping to levels not seen in more than ten years.

Toronto’s S&P/TSX composite index dropped 252.75 points – to close at 12,282.65 – for a third consecutive session of losses.

The largest declines were seen in the energy, metals and mining – and financial sectors.

Oil prices sank again – as the March contract for North American benchmark crude fell $1.75 to US$27.94 a barrel – a descent of nearly six per cent.

This followed an International Energy Agency report that crude will remain under pressure this year – with supply outpacing demand.

But the loonie was a rare spot of brightness –  closing 0.28 of a cent higher at 72.05 cents U-S.

In New York, the Dow Jones industrial average fell 12.67 points to 16,014.38 – and the Nasdaq composite index dipped 14.99 points to 4,268.76.

Gold was up 70 cents to US$1.198.60 an ounce – and natural gas fell four cents to US$2.10.

 

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