Canadian stocks retreat from record levels
Istanbul, December 25 (Hibya) - The S&P/TSX Composite Index closed down by 0.2% in Wednesday's shortened session, although it had recovered its previous losses. The index retreated from record levels yesterday due to pressure from gold miners and lagged behind US stocks.
After a slight decline in gold prices from record levels, gold producers Barrick lost 0.8%, while Agnico Eagle lost 0.3%. Gold had benefited from expectations of expansionary fiscal policies from the world's largest economies and rising geopolitical risks as tensions between the US and Venezuela increased.
Additionally, First Quantum Minerals lost 1.5% after selling the Las Cruces copper mine for $190 million. Meanwhile, banks trading in Toronto mostly recorded gains.
The minutes released yesterday by the Bank of Canada confirmed that the likelihood of a rate cut next year would be lower than that of the US Federal Reserve (Fed), supporting domestic fixed-income securities. The Toronto Stock Exchange will be closed on Thursday and Friday due to Christmas and Boxing Day holidays.
On the other hand, Asia-Pacific markets were mostly in an upward trend, as many indices will close early due to the Christmas holiday. The S&P 500 index also registered a record closing, although US stock futures traded flat overnight.
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