The outlook for the Canadian Stock Market for Monday was for weakness. However it wasn’t the price of oil the pressured the TSX Composite Index as it rose to above $50 for Brent Crude the highest level since August. Instead it was gold and the financials that were the biggest drag on the index.
Goldcorp fell 4.5% to $20.68 after temporarily closing its Pensaquito gold mine in Mexico. Barrick Gold Stockport 1.9% to close at $.78 after having to shutdown a mine in Argentina.
Bank stocks also slipped as Ottawa announced it was looking at closing a tax loophole and introduce a stress test to insured mortgage lending. Royal Bank of Canada Stock and Canadian Imperial Bank of Commerce Stock led the banking index lower.
TSX Composite Index Falls 36.82 Points
The TSX composite Index slipped to close down a quarter of a percent to 14,689.04 on Monday.
The index as lower during the day, reaching 14,642.57 but it managed to recover and close above the lows.
Here is the Canadian Stock Market outlook for Tuesday Oct 4 2016 and an update to the TSX Market Direction Portfolio along with 4 trade ideas for Tuesday……………………..the rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for Oct 4 2016
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