Canada's main stock index slipped on the last trading day of 2017 as some energy and mining stocks pulled back, but the index notched a 6 percent gain for the year, underperforming the three main US indexes as its large energy component dragged.
The Toronto Stock Exchange's S&P/TSX composite index ended down 12.82 points, or 0.08 percent, at 16,209.13 on Friday. Eight of the 10 main sectors were in negative territory, while advancers outnumbered decliners by 1.3-to-1 overall. The index's slip was offset by gains for banks and gold miners, while base metal miners and energy names weighed.
The index's 6 percent rise in 2017 compared with gains of between 19 and 28 percent for Wall Street's S&P 500, Dow Jones Industrial Average and Nasdaq Composite. The energy group lost almost 13 percent this year, even as US crude oil prices rose 12 percent, while materials were up 6 percent and financials added 9 percent. The three groups account for almost two-thirds of the index's weight.
Marijuana producer Aphria Inc gained 3.9 percent on the day to C$18.70. Aphria and other cannabis stocks have made sharp gains this year as Canada heads toward legalization of recreational marijuana use in 2018. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.2 percent.
B2Gold Corp advanced 2.7 percent to C$3.88 and Detour Gold Corp rose 2.3 percent to C$14.78 as gold prices hit their highest level in 2-1/2 months. Hudbay Minerals Inc fell 1.9 percent to C$11.13, First Quantum Minerals Ltd was down 1.7 percent to C$17.61, and Teck Resources lost 1.7 percent to C$32.87. The energy group retreated 0.2 percent, while financials were flat overall and bank gains were offset by insurer losses.
Comments
Comments are closed.