Fears over a flagging global economy dragged Canada’s stock exchange today.
After heavy losses on Friday, the TSX shed another 26 points.
The materials sector moved up 1.1 percent as investors flocked to the safe haven of bullion, which helped the index tread water.
GoldCorp and Barrick Gold both climbed 2.6 percent and 4.1 percent, respectively, and were among the exchange’s top 10 most heavily traded companies.
However, drops in the heavyweight energy and financials sectors held the exchange down.
The energy sector lost 1.9 percent as oil prices sat flat.
Oil edged up five cents to $59.09 US a barrel. Crude fluctuated as concerns about a slowing world economy balanced off ongoing OPEC supply cuts.
In New York, markets were mixed with the Dow adding 14 points and the Nasdaq off by five points.
Investors are digesting President Donald Trump claiming victory after special counsel Robert Mueller’s probe showed found no collusion with Russia during the 2016 presidential campaign.
However, the lingering effects of last week’s yield curve inversion, which signaled a possible recession, weighed investor sentiment.
Gold proved popular, jumping $9.50 to $1,321 an ounce, while the loonie crept up 18/100ths of a cent to $0.7462 US.
Elsewhere, Boeing’s troubles are taking a toll on U.S. airlines, as more of the company’s 737 Max 8 jets are grounded in the wake of the Ethiopian Airlines disaster.
American Airlines will be cancelling 90 flights a day through much of April due to the FAA grounding all Max 8s.
It’s the same story for Southwest Airline, which is parking all of its Max 8s, resulting in 130 cancellations a day.
The 737 Max is said to account for one-third of Boeing’s total revenue.
The company’s shares have dropped by 14 percent since the March 10 tragedy.
However, despite more negative publicity, Boeing’s stock rose 2.2 percent today, while shares in American Airlines and Southwest Airlines both dipped down more than a percent.
