Loonie, TSX stock index down as federal election polls open
Major USA indexes and major commodities were also mostly lower Monday. The company, facing heavy criticism for sharply increasing the prices of drugs it acquired, said the pace of those price hikes would moderate.
The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index lowered 79.72 points, or 0.58 percent, to close at 13,758.38 points on Monday, Xinhua reported.
Canadian Oil Sands fell 1.8% to C$9.76 after its board unanimously recommended its shareholders reject a hostile, 4.47bn takeover offer from Suncor Energy, calling the bid opportunistic and saying it undervalues the company.
Energy, another resources sector, lost 2.95 percent with Encana Corp. down 3.15 percent to 10.75 Canadian dollars. Seven of the index’s 10 main groups were in negative territory.
China’s economy grew 6.9% in the third quarter, the weakest rate since the global financial crisis in 2009.
Goldcorp, Canada’s largest gold miner by market value, fell 1.6% to C$19.47.
USA crude for November delivery fell by $1.21, or 2.5 percent, to US$46.05, extending last week’s steep losses. Copper prices declined 1.5 percent to $5,208 a tonne.