The Toronto Stock Exchange posts three-day losing streak

TORONTO — A dip in oil prices caused the S&P/TSX composite index to fall to a three-day losing streak on Friday as traders worried over whether the federal government will lead the country through…

The Toronto Stock Exchange posts three-day losing streak

TORONTO — A dip in oil prices caused the S&P/TSX composite index to fall to a three-day losing streak on Friday as traders worried over whether the federal government will lead the country through a possible U.S.-led trade war.

The composite was down 65.95 points to 16,754.62.

The Canadian dollar averaged 77.29 cents US, up 0.08 of a U.S. cent.

Energy stocks were the biggest laggards on the day, down 0.83 per cent, as the October crude contract fell US$1.07 to US$70.16 per barrel.

Financials were up 0.11 per cent, while the industrials sector increased 0.07 per cent and the consumer staples sector moved ahead 0.10 per cent.

Canada’s parliament has a two-day, day-long debate Thursday and Friday over the finance bill that would set out fiscal policy. It will then be voted on by MPs.

U.S. President Donald Trump’s looming decision on tariffs on billions of dollars in Chinese imports is expected to fuel momentum of uncertainty.

“I’m optimistic that Canada will be able to manage through this and, if the talks are successful, we could see more confidence returned to the markets,” said Shawn Black, chief investment officer at North Star Investment Management.

Black said stocks continue to look attractive for investors, even though a trade war between Canada and the U.S. would be difficult to implement.

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