TSX falls to one-week low as commodity prices weigh

Wed Mar 23, 2016 5:10pm EDT
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index fell on Wednesday to a one-week low as lower commodity prices pressured energy and mining stocks, while insider trading charges sank the shares of Amaya Inc AYA.TO.

The energy group fell 3.1 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, tumbled 4.6 percent.

Spot gold XAU= fell more than 2 percent to a four-week low after hawkish comments by U.S. Federal Reserve officials. [GOL/]

"The capital that had gone into safe havens yesterday has come back out today," said Colin Cieszynski, senior market analyst at CMC Markets Canada.

The most influential shares on the Canadian index included Barrick Gold Corp (ABX.TO: Quote), which fell 7.2 percent to C$17.54.

First Quantum Minerals Ltd (FM.TO: Quote) fell 16.3 percent to C$6.92 and Teck Resources Ltd TCKb.TO dropped 13.4 percent to C$9.65, as copper and other metal prices moved lower. [MET/L]

U.S. crude CLc1 prices fell more than 4 percent after U.S. stockpiles soared to record highs for a sixth straight week, triple analysts' expectations. [O/R]

Canadian Natural Resources (CNQ.TO: Quote) fell 3.5 percent to C$34.77, while Suncor Energy Inc (SU.TO: Quote) was down nearly 2 percent at C$35.57.   Continued...

 
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.  REUTERS/Mark Blinch