After big gains in finance, stocks on Canada’s biggest exchange didn’t change much because of weakness in the mining sector.
The S&P/TSX Composite Index on the Toronto Stock Exchange was up 6 points at 21948.15 at noon on the last trading day of the month and the quarter. The index is on track to rise 1.8% this week, and its year-to-date rise has grown to 4.7%.
At 1309.37, the S&P/TSX 60 was down 0.2 points.
All of Canada’s big banks went up, with the Bank of Nova Scotia going up 1% and Laurentian Bank of Canada going up 2.1%.
When it comes to miners, Barrick Gold fell 0.2% and Agnico Eagle fell 0.7%. A report from Reuters said that First Quantum Minerals would start formal arbitration proceedings against Panama in July over the country’s decision to close its Cobre Panama copper mine last year. The stock fell 3.4% after the report.
Economists had predicted that Canada’s economy would grow again in April, by 0.3% compared to the previous month. However, an early estimate suggests that the rate slowed to 0.1% in May. The numbers probably won’t change the Bank of Canada’s mind, but they could make it possible for them to cut interest rates again this year.
Other things that changed the market:
After the entertainment company said it sold its majority stake in Hollywood talent manager Untitled Entertainment to private equity firm TPG for about 51.6 million Canadian dollars (US$37.7 million) and an 8.8% stake in a new TPG company, its shares went up 32% to C$1.04.
