BREAKING Bob Cole, veteran CBC broadcaster and former voice of 'Hockey Night in Canada,' dead at 90
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
Canada's main stock index concluded its third losing week in a row by giving back some of its recent gains amid concerns out of China about the real estate market and the country's ban on cryptocurrencies.
Markets were hit early Friday by China's decision to declare digital currencies like Bitcoin illegal. That particularly affected the technology sector.
Canadian digital asset miner Hut 8 Mining Corp. lost 5.3 per cent to push the technology sector down 1.2 per cent.
There were also suggestions that Evergrande may have missed a debt payment, renewing questions about its solvency and the potential spillover effects on the global economy.
Evergrande has caused the market this week to focus on China's real estate and real estate finance and assess whether the key driver of the country's economy may be weaker for a significant period of time, says Geoff Castle, portfolio manager for PenderFund.
"I think that the headlines around Evergrande are kind of a bit of a late reflection of something that's been kind of a decade in the making, which is a bit of a potentially unsustainable situation in the Chinese property market," he said in an interview.
Investors are also considering the knock-on effects of Evergrande on commodities, interest rates and the availability of credit throughout Asia.
The S&P/TSX composite index closed down 59.27 points to 20,402.66, losing 87.7 points over a topsy-turvy week.
In New York, the Dow Jones industrial average was up 33.18 points at 34,798.00. The S&P 500 index was up 6.50 points at 4,455.48, while the Nasdaq composite was down 4.54 points at 15,047.70.
Health care and technology led the nine sectors that lost ground on the TSX.
The sector that includes cannabis producers fell 2.8 per cent as shares of Cronos Group Inc. and Canopy Growth Corp. decreased 5.1 and 4.5 per cent, respectively.
Materials slipped even as metal prices rose.
The December gold contract was up US$1.90 at US$1,751.70 an ounce and the December copper contract was up 5.45 cents at nearly US$4.29 a pound.
Energy was the leading sector on the day, gaining 1.3 per cent on higher energy prices.
The November crude oil contract was up 68 cents at US$73.98 per barrel and the November natural gas contract was up 15.7 cents at US$5.20 per mmBTU.
Whitecap Resources Inc. gained 9.3 per cent while Enerplus Inc. was up 4.8 per cent.
The energy sector currently faces attractive operating conditions, said Castle, as crude oil prices have rebounded to their highest level since mid July and natural gas prices continue to be strong.
"You're seeing as a result quite significant drawdowns in the product inventories and that means prices have been a bit higher, which means companies that are involved in that sector continue to be quite profitable right now," he said.
"And then the market is trying to gauge the degree that that will continue to be the case."
The Canadian dollar traded for 78.86 cents US compared with 79.03 cents US on Thursday.
This report by The Canadian Press was first published Sept. 24, 2021.
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.