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TSX closes at 14-week low on hawkish Fed, lower gold prices

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02/02/2018 | 12:05am CEST
A man walks past an old Toronto Stock Exchange sign in Toronto

TORONTO (Reuters) - Canada's benchmark stock index ended its fourth day of losses at a 14-week low, as a hawkish Federal Reserve sapped demand for equities, with two cannabis producers posting the biggest declines on Thursday.

- The Toronto Stock Exchange's S&P/TSX composite index ended down 90.75 points, or 0.57 percent, at 15,860.92, its lowest close since Oct. 25.

- Marijuana producer Aphria Inc was the biggest decliner, with a 12.4 percent loss, followed by its rival Canopy Growth, which fell 11.2 percent.

- Aphria said on Thursday it is considering the sale of its U.S. business. It came after the U.S. Department of Justice in January revoked an Obama administration policy that discouraged federal prosecutors from pursuing marijuana-related crimes in states that had legalized the drug.

- Technology company Open Text Corp was the biggest gainer, closing up 12.7 percent after reporting a 35 percent increase in second-quarter revenue and seeing ratings upgrades by several analysts.

- Technology and consumer cyclicals were the sectors with the biggest gains, while industrials posted the biggest losses.

- Among the most active Canadian stocks by volume were Canopy and Aphria; Bombardier Inc, down 2.3 percent at C$ 3.40; and Ivanhoe Mines, losing 3.1 percent to C$3.41.

(Reporting by Nichola Saminather; Editing by Nick Zieminski and James Dalgleish)

By Nichola Saminather

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.17% 1177.4 Delayed Quote.-9.90%
S&P/TSX COMPOSITE INDEX 0.48% 16225.65 Delayed Quote.-0.37%
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