Oil prices continued to slump today and once again pulled Canada’s main stock market lower. Crude is down as a number of reports say that OPEC could start pumping up production to make up for lower production from Iran and Venezeula.
Those losses in the heavyweight energy sector offset gains in the materials sector that were backed by higher gold prices. The TSX closed the day at 16,113, down 20 points. Aecon shares took a tumble today, more than 15 per cent, after Ottawa blocked a takeover bid by a Chinese company due to national security concerns.
On Wall Street things nosedived after President Donald Trump announced he was backing out of the meeting between the U.S. and North Korea. The Dow Jones was down more than 200 points earlier, but made some of that ground back as the day went on, and closed 75 points lowered.
At press time oil is down $1.18 to $70.66 U.S. per barrel, gold is up $15.10 to $1304.70 an ounce, and the loonie down close to half a cent, to 77.54 cents U.S.