While the Dow recovered somewhat – gaining 330 points – the TSX fell 31 points.
The bad news keeps adding up for the Canadian economy.
The TSX fell another 31 points today, reaching a five-month low of 15,034.53
Meanwhile, the Dow rose 330 points.
A fall in mining stocks was a key driver of today’s TSX decline.
As noted by Reuters, 7 out of 10 main industry groups ended down:
– The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.1 percent.
– Guyana Gold slid by 7.6 percent, Eldorado Gold shed 7.1 percent, New Gold dropped by 6.3 percent and Oceangold Corp was down 5.9 percent.
– The largest percentage decliner was Sierra Wireless Inc, down 13.6 percent, after the company reported a fourth-quarter loss after the bell on Thursday.
– The index was posting no new 52-week highs and 50 new lows.
Warning signs for the Canadian economy
The warnings signs for the Canadian economy are adding up. The same day the TSX hit a five-month low, our country suffered our worst job losses in nine years. Additionally, one of our biggest energy companies (Suncor) announced they are cutting investments in Canada due to increasing regulations and high taxes imposed by the Trudeau government.
Photo – Kurtis Garbutt (flickr) cropped