Canadian Stocks Close Choppy Trading Session Modestly Lower

(RTTNews) - Canadian stocks showed a lack of direction over the course of the trading session on Thursday, with the benchmark S&P/TSX Composite Index bouncing back and forth across the unchanged line.

The S&P/TSX Composite Index eventually ended the day down 46.13 points or 0.2 percent at 24,795.55, adding to the modest loss posted in the previous session.

The modestly lower close on Bay Street came amid substantial weakness among gold stocks, as the S&P/TSX Global Gold Index plunged by 3.4 percent

The sell-off by gold stocks came amid a steep drop by the price of the precious metal, which plunged to its lowest levels in over two weeks.

Telecom and consumer staples stocks also saw significant weakness, giving back ground after showing strong moves to the upside over the course of the previous session.

On the other hand, energy stocks saw some strength on the day amid a rebound by the price of crude oil, partly offsetting the weakness in the aforementioned sectors.