The Toronto stock market was sharply lower Tuesday morning as oil prices backed off for a fifth session on demand concerns and a warning that prices have run up too high recently. The S&P/TSX composite index moved down 113.6 points to 12,035.1, led by losses in energy and mining stocks. The TSX Venture Exchange was down 21.76 points to 1,651.9. The May crude contract on the New York Mercantile Exchange was down $1.67 to US$82.67 a barrel even as the International Energy Agency revised slightly higher its 2010 forecast for global demand for oil. The TSX energy sector dropped 1.55 per cent as Suncor Energy (TSX:SU) declined 73 cents to C$34.45 while Canadian Oil Sands Trust (TSX:COS.UN) shed 78 cents to $31.44. Prices have headed lower since the middle of last week on data showing rising inventories.
Opinion:
Based on the retreat of all the commodities, Canada along with other countries are now headed in the recovery mode and is now waiting for everything to be back to normal. As well the Canadian dollar show a slow declining compare to the US dollar which is also a great news because now we can export more than we can import. With the increase of imports it affect the trading surplus.
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