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CWB - Canadian Western Bank News Story

C$26.57 -0.0  -0.0%

Last Trade - 25/09/20

Mid Cap
Market Cap £1.36bn
Enterprise Value £3.20bn
Revenue £517.6m
Position in Universe 158th / 2679

CANADA STOCKS-TSX falls as financials and resource stocks slide

Tue 3rd May, 2016 10:26pm
(Adds portfolio manager comments, details on Canadian Western 
Bank; updates prices) 
    * TSX closes down 157.95 points, or 1.14 percent, at 
    * Index touches its lowest since April 18 at 13,599.93 
    * Eight of the index's 10 main groups end lower 
    By Fergal Smith 
    TORONTO, May 3 (Reuters) - Canada's main stock index fell to 
a two-week low on Tuesday as lower commodity prices weighed on 
energy and materials stocks, while financials dropped after 
Canadian Western Bank  CWB.TO  set aside more money for loan 
    Oil prices retreated further from the year's highs hit last 
week as rising output renewed worries about the global glut of 
crude, while copper fell as manufacturing data from China 
undermined confidence and gold turned lower after nearing the 
prior session's 15-month high.     
    "You got the double whammy of gold being down and oil being 
down," said Philip Petursson, managing director of Capital 
Markets & Strategy at Manulife Asset Management. 
    The Toronto Stock Exchange's S&P/TSX composite index 
 .GSPTSE  closed down 157.95 points, or 1.14 percent, at 
13,707.68. It touched its lowest since April 18 at 13,599.93. 
    Weak earnings have challenged the market, said Petursson. 
However, he expects the index to climb above the 14,000 
threshold this year as lower U.S. oil production helps sustain 
the recent uptrend in oil prices.     
    Shares of Encana Corp  ECA.TO  ECA.N  fell 10.4 percent to  
C$8.33. The oil and gas producer posted a bigger-than-expected 
quarterly loss due to lower production amid a steep fall in oil 
    Suncor Energy Inc  SU.TO  fell 1.8 percent to C$34.95, while 
Canadian Natural Resources Ltd  CNQ.TO  was down nearly 2 
percent at C$35.93 and the overall energy group declined 2.5 
    U.S. crude  CLc1  prices settled at $43.65 a barrel, down 
2.52 percent. 
    The materials group, which includes precious and base metals 
miners and fertilizer companies, lost 2.0 percent. It included a 
2.6 percent drop in the shares of Barrick Gold Corp  ABX.TO  to 
C$23.33, while spot gold  XAU=  dipped 0.4 percent.    
    Shares of Canadian Western Bank  CWB.TO  fell 6.9 percent to 
C$25.57 after the Edmonton, Alberta-based lender set aside more 
money to cover bad loans to oil companies.*:nL3N1803B3 
    Bank of Nova Scotia  BNS.TO  fell 2.7 percent to C$63.43, 
while Royal Bank of Canada  RY.TO  was down 1.9 percent at      
C$76.21. The overall financials group declined 1.5 percent. 
    WestJet Airlines Ltd  WJA.TO  reported a 
higher-than-expected quarterly profit, helped by lower fuel 
costs. Still, its shares fell 5.3 percent to C$20.35.*:nL3N18027V 
    Eight of the index's 10 main groups ended lower, with just 
health care and utilities having advanced. 
 (Reporting by Fergal Smith; Editing by Bill Trott and Dan 
 ((; +1 416 941 8113;))
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