Canadian stocks plunge over resources fall, growth concerns

Toronto, May 4 (IANS) Canada’s main stock market in Toronto slid down to a two-week low on Tuesday as energy and mining stocks led massive losses for the resource-linked market over renewed concerns on global economic growth.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index lost 157.95 points, or 1.14 percent, to close at 13,707.68 points. Six of the TSX index’s eight main sub-sectors were lower, Xinhua reported.

Oil prices extended the loss as market expected US crude inventories to rise. The West Texas Intermediate for June delivery moved down $1.13 to settle at $43.65 a barrel, while Brent crude for July delivery decreased 86 cents to close at $44.97 a barrel.

The Canadian dollar traded signally lower at $0.7866, compared with Monday’s closing rate of $0.7977.

–IANS

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