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Canadian market down following Trump's auto comments
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Top Stories |
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IANS | 17 Jan, 2017
The Canadian stock market was down on the first day of the week
following US President-elect Donald Trump's claims to impose a tax on
foreign-automotive companies.
on Monday, the Toronto Stock
Exchange's benchmark Standard and Poor's/TSX Composite moved down 17.99
points, or 0.12 per cent, to close the day at 15,479.29 points. Six of
the ten sub-sectors closed the session lower, Xinhua news agency
reported.
In an interview with a German daily on Monday, Trump said he would impose a 35 per cent tax on imported vehicles into the US.
As
a result, the TSX Consumer Discretionary group, which consists of of
producers of non-essentials goods including automobiles, saw the biggest
percentage drop on the day of 0.44 per cent.
Canada's two
largest automobile parts manufacturers Magna International Inc. and
Linamar Corporation saw shares dip 3.13 per cent to 56.98 Canadian
dollars ($43) and 3.49 perc ent to 55.65 Canadian dollars ($42),
respectively.
Also affected by the news was Ontario-based
Martinrea International Inc., which produces metal parts for the
automotive sector. Shares of the firm slumped 6.12 per cent to 8.28
Canadian dollars ($6).
Other groups to finish lower on the day
included: financials (0.30 per cent), energy (0.22 per cent), materials
(0.08 per cent), telecommunications (0.01 per cent), and industrials
(0.01 per cent).
Groups that did not experience losses on Monday
were: utilities (0.38 per cent), health care (0.33 per cent), consumer
staples (0.07 per cent), and information technology (no change).
The Canadian dollar ended eighth straight session of gains, slipping 0.33 cents to $0.7584.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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