AFTER THE BELL: TSX slips as energy, bank stocks lose ground, Trump’s comments spark trade fears
The TSX flirted with a four-week high in midday trading before dropping significantly today.
Canada`s stock exchange slipped 47 points with six of the index`s 11 major sectors trading lower.
The heavyweight energy and financials sectors were among the six that finished in the red.
Oil fluctuated before finishing down a penny to $72.03 US a barrel, despite Russia and Saudi Arabia rebuffing Trump’s calls to increase production to control prices in anticipation of the U.S.’s upcoming sanctions on Iran.
Trump told world leaders today that OPEC is “ripping off the rest of the world, and I don’t like it.”
In New York, jumps in banks and energy stocks were offset by tough talk from the U.S. President as the Dow ended 69 points lower.
Trump stirred up trade fears when he told UN leaders that America “will no longer tolerate” what he described as unfair trade practices by other countries.
The Nasdaq moved up 14 points, boosted by a two percent increase in Amazon after a senior technology analyst predicted the company’s stock could jump 55 percent over the next two years.
The loonie strengthened slightly, up 2/100ths of a cent to $0.7720 while gold was relatively flat, gaining 50 cents to $1,200 an ounce.
Meanwhile, a major Canadian cannabis producer is having a profitable year.
Aurora Cannabis reported a massive jump in its Q4 revenue. Aurora noted revenue of $19.1 million, marking a 223 percent increase compared to the same period last year.
Aurora was the second most heavily traded company on the index today, with its stock rising four percent.