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Canada's main stock index slipped into the red zone on Thursday, August 26, as bank stocks fell amid rising concerns regarding a new corporate tax hike proposed by the government.
The financial sector tumbled 0.92%, while the metal and tech sectors fell 1.01% and 0.63%, respectively. The decline in the TSX index was partially curbed by the gains in the energy and industrial sectors.
At close, the S&P/TSX composite index lost 83.17 points to settle at 20,504.15 on Thursday.
1-Year Price Chart. Analysis by Kalkine Group
Gainers and Losers
Actively Traded Stocks
Suncor Energy Inc, Sunlife Financial Inc and Beta Pro Natural Gas were the most actively traded stocks on the TSX on Thursday, with trading volumes of 22.62 million, 5.65 million and 5.44 million, respectively.
Wall Street Update
US stocks closed on a lower side on Thursday as investors remained wary of making significant moves ahead of the annual Jackson Hole symposium on Friday.
The Dow Jones Industrial Average fell 192.38 points, or 0.54% to 35,213.12. The S&P 500 was down by 26.19 points or 0.58% to 4,470.00, while the Nasdaq loses 96.05 points or 0.64% to 14,945.81.
Commodity Update
Gold traded at US$ 1,795.20 up by 0.23%.
Brent oil traded lower at US$ 71.07/bbl, down 1.63%, while Crude oil dropped by 1.38% to US$ 67.42/bbl.
Currency News
The Canadian Dollar lost some ground against the US Dollar on Thursday, while USD/CAD closed at 1.2682, up 0.74%.
The US Dollar index ended its four-day losing streak and was up against the basket of major currencies to close at 93.05, up 0.24%.
Money Market
The US 10-year surged on Thursday’s trade and closed in green at 1.354, up 0.38%.
The Canada 10-year yield stood at 1.240, down 0.80%.
