Toronto stocks lower, loonie climbs higher after GDP report tops expectations

The Canadian Press</span>
Published Friday, September 28, 2018 12:57AM EDT
Last Updated Friday, September 28, 2018 11:27AM EDT

TORONTO -- The financial and industrial sectors weighed on stocks in Toronto as Canada's main stock index sank into the red in late-morning trading, while the loonie moved higher against the U.S. dollar.

The S&P/TSX composite index was down 58.39 points at 16,146.23.

In New York, the Dow Jones industrial average was up 44.57 points at 26,484.50. The S&P 500 index was up 5.01 points at 2,919.01, while the Nasdaq composite was up 13.10 points at 8,055.06.

The Canadian dollar traded higher at 77.39 US compared with an average of 76.66 cents US on Thursday after the Canadian economy grew faster than expected in July, boosting the expectations that the Bank of Canada would raise its key interest rate next month.

The November crude contract was up US$1.08 at US$73.20 per barrel and the November natural gas contract was down 6.3 cents at US$2.99 per mmBTU.

The December gold contract was up US$6.80 at US$1,194.20 an ounce and the December copper contract was up 2.80 cents at US$2.81 a pound.

Let's block ads! (Why?)