TORONTO: Canada’s main stock index fell early on the last trading day of 2017 as some energy and mining stocks pulled back, but was on track for a nearly 6 percent gain for the year.
At 9:51 a.m. EST (1451 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 44.51 points, or 0.27 percent, at 16,177.44, with nine of its 10 main sectors in negative territory.
Marijuana stocks helped push the healthcare group higher, with Canopy Growth Corp up 4.6 percent to C$31.82 and Aphria Inc up 4.3 percent to C$18.78. Canada is moving towards the full legalization of cannabis in 2018.
The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.6 percent.
That was despite gains for Potash Corp of Saskatchewan Inc , up 1.5 percent to C$26.21, and Agrium Inc, up 1.4 percent to C$146.17. The two companies received final approval for a merger earlier in the week.
Hudbay Minerals Inc fell 3.2 percent to C$10.99, First Quantum Minerals Ltd was down 2.6 percent to C$17.45, and Teck Resources lost 1.9 percent to C$32.83.
The energy group retreated 0.4 percent, while financials also lost 0.4 percent.
The energy group has lost almost 13 percent this year, even as US crude oil prices rose 12 percent, while materials were up 6 percent and financials added 9 percent. Those three groups account for almost two-thirds of the index’s weight.
Source: Brecorder.com
