Daily Wrap-Up: TSX closes sharply lower ahead of holidays

Daily Wrap-Up: TSX closes sharply lower ahead of holidays

Daily Wrap-Up: TSX closes sharply lower ahead of holidays TSX closes sharply lower ahead of holidays
There was no bright end to the short trading week for the main TSX index as US action on terrorist groups in the Middle East hit Wall Street stocks and the ripple effect spread north.

The energy group dropped almost 2 per cent and the other nine main sector groups also closed with losses.

Oil was down 0.15 per cent but higher for the week while gold prices were up 0.88 per cent but failed to stem the generally weak performance for the materials group.

Wall Street was down too with the Dow losing more than 138 points as the US dropped the largest non-nuclear bomb ever, targeting ISIS in Afghanistan.

European and Asian indexes were mostly lower.

The S&P/TSX Composite Index closed down 112.9 (0.72 per cent)
The Dow Jones closed down 138.6 (0.67 per cent)
Oil is trending lower (Brent $55.79, WTI $53.06 at 4.25pm)
Gold is trending higher (1289.10 at 4.25pm)
The loonie is valued at U$0.7500

Pot companies’ stocks decline on federal legislation
The legalization of marijuana became a little clearer Thursday but not clear enough to prevent a drop for producers and others involved in the industry.

The federal government’s proposed laws would mean licensing for production of cannabis and restrictions on the sale and marketing of products.

Not enough detail was given to satisfy industry players that their products will be able to compete against the black market, leading to the decline for their share prices.

Manufacturing slips after 3 monthly gains
There was an easing of manufacturing sales in February following three monthly gains for the sector.

Statistics Canada reported Thursday that the 0.2 per cent decline to $53.6 billion was led by the motor vehicle assembly and petroleum and coal product manufacturing industries.

Despite gains for the aerospace products and parts, primary metal and machinery industries, 10 of the 21 subsectors declined.

Without the effect of price changes, sales increased 0.1 per cent.

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