INV: CANADA STOCKS-TSX little changed as energy shares slip with oil price
Canada’s main stock index was little changed on Friday as a decline in the energy sector, prompted by a fall in oil’s price, was offset by positive economic data from the United States.
Energy share prices extended their drop on concerns over increasing supply and weak demand, with the price of oil slumping to a two-year low this week. Data showed that U.S. retail sales rose broadly in August, helping ease some concerns about consumer spending. Investors also braced themselves for two potential market catalysts next week: the outcome of the Scottish referendum on independence and monetary policy commentary following a U.S. Federal Reserve meeting.
The market is speculating that the Fed might provide more details about when it could be raising interest rates, he added. The Toronto Stock Exchange’s S&P/TSX composite index closed down 2.74 points, or 0.02 percent, at 15,531.58. The benchmark TSX, which has gained about 14 percent this year, ended the week lower. Six of the 10 main sectors on the index were higher on Friday. Financials, the index’s most heavily weighted sector, added 0.4 percent, with Toronto Dominion Bank advancing 0.3 percent to C$57.77 and Bank of Montreal rising 0.2 percent to C$84.58.
Shares of energy companies lost 0.4 percent, with Talisman Energy Inc giving back 1.9 percent to C$10.64 and Enbridge Inc declining 1.4 percent to C$55.12.
Ivanhoe Energy Inc. (USA) (NASDAQ:IVAN) is an independent international heavy oil development and production company. The Company is exploring an opportunity to monetize stranded gas reserves through the application of the conversion of natural gas-to-liquids using a technology (GTL Technology or GTL) licensed from Syntroleum Corporation.
The Company shares are trading +57.25% above their 52 week low price after the last close and -70.27% below the 52 week high. Its latest closing price was down -34.10% from the average-price of 200 days while it kept its distance from the SMA50 at +12.51% and +24.21% compared with the SMA 20.
Shares of Franco-Nevada Corporation (NYSE:FNV) were +44.76% up from 52 week lows as of the latest close and -13.75% below the 52 week high. Its latest closing price was up 7.60% from the average-price of 200 days while it maintained a distance from the SMA 50 at -6.80 % and -5.32% compared with the SMA 20.
Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Australia, and Africa.
McEwen Mining Inc (NYSE:MUX) explores for, develops, produces, and sells precious and base metals in Argentina, Mexico, and the United States. The stock’s latest price traded at +42.35% up 52 week lows after the closing bell and was -35.29% behind its 52 week high. Its latest closing price was -4.15% below the SMA200 while the distance from the SMA 50 and SMA 20 was -13.36 % and -9.24% respectively.
Canadian Solar Inc. (NASDAQ:CSIQ) is trading +196.57% higher than the 52 week low price and -10.70% behind the 52 week high. The stock’s latest closing price was +26.22% up from the average-price of 200 days while it kept its distance from the SMA50 at +28.39 % and +9.83% compared with the SMA 20. Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar wafers, cells, and solar module products worldwide.
First Majestic Silver Corp (NYSE:AG) acquires, develops, and explores mineral properties with a focus on silver projects in Mexico. The Company so far this year has moved down -6.43% and its monthly performance stands at -11.49%. The stock was up +11.97% from its 52 week low and was -36.63% below the 52 week high. Its latest closing price was down -9.24% from the average-price of 200 days while it kept its distance from the SMA50 at -10.38% and -5.99% compared with the SMA 20.
