Stocks Continue Plunge
Canada''s main stock index fell to a near-one-year low on Thursday, a day after descending into correction territory, as weakness in mining shares and downbeat earnings from Manulife Financial weighed on sentiment. The negative trend for the SP|TSX, as it dived another 219.88 points, or 1.1%, midday to 19,617.37. The Canadian dollar removed 0.31 cents at 76.65 cents U.S. On Wednesday, the Canadian benchmark index fell to its lowest level since last July, taking its losses since the March 29 closing record high to 10.2%. A correction is confirmed when an index closes 10% or more below its record closing level. Manulife fell $2.42, or 9.9%, to $21.93. Sun Life Financial ditched $1.75, or 2.8%, to $60.97, after the insurers on Wednesday reported core earnings fell from a year ago as the COVID-19 pandemic took a toll on their Asian earnings, with Manulife also missing estimates. ON BAYSTREET The TSX Venture Exchange stumbled 17.43 points, or 2.5%, to 683.47. Eight of the 12 TSX subgroups were in minus country in the first hour, with materials giving up 2%, while gold lost 1.9% of its lustre, and financials were poorer by 1.6%.
Stocks Continue Plunge
Canada''s main stock index fell to a near-one-year low on Thursday, a day after descending into correction territory, as weakness in mining shares and downbeat earnings from Manulife Financial weighed on sentiment. The negative trend for the SP|TSX, as it dived another 219.88 points, or 1.1%, midday to 19,617.37. The Canadian dollar removed 0.31 cents at 76.65 cents U.S. On Wednesday, the Canadian benchmark index fell to its lowest level since last July, taking its losses since the March 29 closing record high to 10.2%. A correction is confirmed when an index closes 10% or more below its record closing level. Manulife fell $2.42, or 9.9%, to $21.93. Sun Life Financial ditched $1.75, or 2.8%, to $60.97, after the insurers on Wednesday reported core earnings fell from a year ago as the COVID-19 pandemic took a toll on their Asian earnings, with Manulife also missing estimates. ON BAYSTREET The TSX Venture Exchange stumbled 17.43 points, or 2.5%, to 683.47. Eight of the 12 TSX subgroups were in minus country in the first hour, with materials giving up 2%, while gold lost 1.9% of its lustre, and financials were poorer by 1.6%.