The energy sector suffered another sizeable loss today driving down the Toronto Stock Exchange once more. Weak data from China which showed a drop in imports and lower-than-expected exports has done nothing to suggest more demand for oil in Asia, while Stanley Morgan downgraded its forecast for oil prices for 2015 and 2016 adding further pressure to energy stocks. Oil is now around a 5 year low and following a 5 per cent decline in energy stocks last week they fell a further 6 per cent today. Mining and bank shares have also made losses today.
The S&P TSX Composite Index closed down 329.53 (2.28 per cent)
The NYSE closed lower
Oil is trending slightly higher
Gold is trending slightly higher
The loonie is up against the US dollar