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Stocks In Limbo As Financials Lag -- Canadian Commentary

OTTAWA (Alliance News) - Canadian stocks inched lower Monday, as weaker financial stocks offset ...

Alliance News 17 July, 2017 | 9:23PM
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OTTAWA (Alliance News) - Canadian stocks inched lower Monday, as weaker financial stocks offset gains among gold stocks.

All in all, it was an uneventful day on Bay Street as some traders stayed away from their desks enjoying the summer sun.

The TSX Composite Index was down 9.45 points, or 0.06%, to 15,165.36. There was little reaction to upbeat Chinese GDP data.

China's economy expanded at a steady pace in the second quarter, as gross domestic product grew 6.9% year-on-year, the same pace of expansion as seen in the first quarter, the National Bureau of Statistics said Monday. The annual growth was forecast to slow to 6.8%.

In other economic news, Canadian home sales fell 6.7% in June, the biggest monthly decline since 2010 as the government rolled out stricter requirements for buyers.

Energy shares were flat even as oil prices fell near USD46 a barrel. With the global oil supply glut seen lasting into 2018, crude oil has failed to crack the USD50 a barrel mark in months.

Canada-based mining company Dominion Diamond Corp. (DDC, DDC.TO) will be acquired by Washington Companies for USD14.25 per share in cash, or a total equity value of about USD1.2 billion.

Washington plans to operate Dominion as a standalone business, appoint a new CEO based in Canada to the Dominion management team, and keep Dominion's headquarters in Canada.

Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) will sell its Obagi Medical Products business for USD190 million in cash to Haitong International Zhonghua Finance Acquisition Fund. Shares rose 0.8%.

Copyright RTT News/dpa-AFX

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