TSX edges lower as energy shares, China data weigh
By John Tilak
TORONTO (Reuters) – Canada’s major stock index declined slightly on Thursday as slow Mandarin information raised issues regarding growth in the world’s second-biggest economy and shares of power manufacturers complied with oil costs lower.
Numbers revealed that China’s factory development fell in October and also financial investment growth hit a close to 13-year low.
Brent petroleum dropped to a four-year low, hit by the information from China, a top power customer, and also information that Saudi Arabia was silent concerning a feasible cut in production.
“& ldquo; Oil has actually damaged down again. That’& rsquo; s rather significant,” & rdquo; stated Colin Cieszynski, chief market strategist at CMC Markets.
“& ldquo; At this point, financiers should hang around as well as view how much the cost of oil is going to drop,” & rdquo; he included. & ldquo; You require some sort of concrete indication that the oil price is bottoming out, which we aren’& rsquo;
t viewing yet. & rdquo; The Toronto Stock Exchange’s S&P/ TSX composite index was down 15.20 factors, or 0.10 percent, at 14,841. 6 of the 10 main sectors on the index were greater.
Shares of energy producers shed 1.5 percent. Canadian Natural Resources Ltd shed 1 percent to C$ 41.50, as well as Suncor Energy Inc declined 0.9 percent to C$ 39.50.
Manulife Financial Corp dropped 0.2 percent after stating slightly lower-than-expected third-quarter revenues as weak Canadian and U.S. insurance coverage and also wide range management sales offset solid development in Asia.
In the future Thursday, BlackBerry Ltd is anticipated to outline tie-ups with carriers as well as company that will be co-marketing the BlackBerry Business platform, baseding on sector sources.
In morning trading, the stock leapt 2.8 percent, helping drive a 1.4 percent gain in the info technology industry.
(Modifying by W Simon)
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