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Canada Stocks Post Worst Streak in 11 Months as Oil Trumps Gold


By Michael Bellusci and Divya Balji

(Bloomberg) Canadian stocks played catch up to a global market carnage as trading resumed Tuesday after a long weekend.The S&P/TSX Composite Index plunged as much as 1.7% Tuesday, extending its slump for a sixth straight session — its longest losing streak since Sept. 10. Energy stocks were the biggest decliners on the benchmark as the price of oil continued to slide despite China’s move to stabilize the yuan. Gold miners soared as the price of the precious metal neared $1,500 per ounce on Monday.The S&P 500 Index plunged 3% Monday, its worst this year, as U.S.-China trade tensions escalated. On Tuesday, China took steps to limit weakness in the yuan, providing some stability to global financial markets after the global rout. American equities rebounded as dip-buyers came back into the market.

Separately, troubled construction firm SNC-Lavalin Group Inc. plunged 8.7% to a 15-year low after company’s top shareholder Caisse de Depot et Placement du Quebec said Monday SNC must build a culture of execution and take a “major step up in discipline” to implement new strategy.

In other moves:

Stocks

  • Gold miners: Eldorado Gold gains 9.9%, Yamana Gold jumps 8.9%
  • Aurora Cannabis rises 6.8% after saying it’s on track for positive adj. Ebitda
  • Just Energy Group falls 9.3% after CEO change amid strategic review
  • Peyto Exploration & Development drops 7.5%
  • Gran Tierra Energy falls 6.9%

Commodities

  • Western Canada Select crude oil traded at a $12.80 discount to WTI
  • Spot gold rose 0.5% to $1,470.54 an ounce

FX/Bonds

  • The Canadian dollar fell 0.2% to C$1.3232 per U.S. dollar
  • The Canada 10-year government bond yield fell to to 1.26%


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