Weakness in commodities and Canadian financial stocks helped the Toronto stock market slide into the red Thursday, capping a holiday-shortened trading week.
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Weakness in commodities and Canadian financial stocks helped the Toronto stock market slide into the red Thursday, capping a holiday-shortened trading week.
The S&P/TSX composite index lost 21.37 points at 13,358.11, its third consecutive decline.
The heavily weighted financials sector was the second largest loser on the Toronto market, falling 0.98 per cent. Shares in National Bank (TSX:NA) dipped $1.24 or 3.46 per cent to $41.56, and Scotiabank (TSX:BNS) gave back 85 cents or 1.34 per cent to $62.42.
“Banks have been doing quite well in recent weeks,” said Andrew Pyle, a senior wealth adviser and portfolio manager at ScotiaMcLeod in Peterborough, Ont.
Despite the strength, he noted that a factor adding to the weakness was low oil prices, which raise concerns about the credit quality of oil firms with whom the banks have outstanding loans.
