On a day when Canada’s GDP figures showed better than expected growth for the economy the Toronto Stock Exchange should have been surging but energy stocks are once again under pressure. With oil prices continuing to fall (US $66 a barrel at 3.30pm Toronto time) and gold also trending lower oil, gas and mining shares are struggling. Since yesterday’s decision by OPEC not to cut production energy shares have declined by more than 9 per cent and the energy sector has lost a third of its value since the start of the summer.
The S&P TSX Composite Index closed down 177.69 (1.19 per cent)
The NYSE closed almost flat
Oil and gold are both trending lower
The loonie is higher against the US dollar