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Daytrading, Eminis, Forex trading, Swing Trading Market Analysis - 496389

Daytrading, Eminis, Forex trading, Swing Trading Market Analysis - 496389
Andy Jones  |  by www.tradingmarkets.com. All rights reserved. 4.01 | 16:16

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(RTTNews) - With resource stocks helped to lead the way lower, Canadian stocks saw substantial weakness during trading on Wednesday. The S P/TSX Composite Index moved firmly into negative territory, more than offsetting the modest gain that it posted in the previous session. While the S P/TSX Composite moved up off its worst level of the day going into the close, it remained sharply lower.

The index ended the session down 222.22 at 12,701.44, a one-month closing low.

Among resource stocks, base metal stocks posted some particularly steep losses, contributing to a 6.4 percent loss by the Diversified Metals and Mining Index. With the loss, the index ended the session at its worst closing level in a month.

First Quantum ( | | | ) and Aur Resources (AUR.TO) turned in two of the sector's worst performances, as the price of copper showing a substantial decline. Copper for March delivery closed down $0.

222 at $2.649 a pound. The price of gold moved lower along with the price of copper, with gold for February delivery closing down $8.

20 at $629.80 an ounce after reaching a high of $647.30 an ounce earlier in the session.

The downturn by the price of gold contributed to a steep decline by gold stocks, which had moved higher in early trading. The Gold Index eventually ended the session down 3.5 percent.

Significant weakness was also visible in the heavily weighted energy sector, as reflected by the 3.9 percent loss posted by the Energy Index. InterOil (IOL.

TO) helped to lead the index down to its worst closing level in well over a month. A steep decline by the price of oil contributed to the weakness in the energy sector, with crude for February delivery closing down closed down $2.73 at $58.

32 a barrel. The price decrease reflected lingering concerns about the impact of warmer than normal temperatures in the U.S.

Technology stocks also came under pressure over the course of the session, contributing to a 2.1 percent loss by the Information Technology Index. Nortel ( | | | ) turned in one of the sector's worst performances, ending the session down 5.

8 percent. Some health care stocks also posted substantial losses, with shares of Neurochem (NRM.TO) closing down 8.

8 percent. The loss by Neurochem came after Jefferies downgraded its rating on the drug maker to Hold from Buy. Meanwhile, some consumer staples stocks bucked the downtrend by the broader market, resulting in a 0.

4 percent gain by the Consumer Staples Index. Saputo (SAP.TO), Maple Leaf Foods (MFI.

TO), and George Weston ( | | | ) posted notable gains.

Read more on by www.tradingmarkets.com. All rights reserved.
Keywords: s p/tsx Composite, p/tsx Composite, Consumer Staples, s p/tsx
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