TSX down 100 points as gold stocks plunge — Canadian Commentary

(RTTNews) - Toronto’s main index is poised to close lower yet again on Thursday, burdened by significant weakness in the gold sector. Financial stocks are also down a bit amid concerns that the worst of the credit crisis may not be over.

Defensive health care stocks are up 3.5 percent, while modest strength has emerged in the energy sector, even after the price of gold closed below $70 for the first time in more than a year.

The S&P/TSX Composite Index is down 112 points at 9,212, moving closer to last Friday’s 3 1/2 year closing low. Stocks skyrocketed higher by nearly 900 points on Tuesday, but have since plunged amid speculation that the world is on the precipice of a major economic slowdown.

Gold stocks have plummeted 9 percent. Barrick Gold (ABX.TO), Kinross (K.TO) and Goldcorp (G.TO) shares are down more than 10 percent.

Another materials producer seeing considerable weakness has been Ivanhoe Mining (IVN.TO), which has plunged 19 percent.

For comments and feedback: contact editorial@rttnews.com

Posted in Categories: Canada, Releases, Stocks.

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend