TSX Falls As Anxieties Mount -- Canadian Commentary

(RTTNews) - Canadian stocks were lower Thursday despite rising commodity prices, as investors grew nervous about the U.S. economy under President-elect Donald Trump.

The repeal of ObamaCare and the prospect of trade disputes are among the number of issues worrying the markets in the final days before Trump takes over.

The S&P/TSX Composite Index was down 73.38 points, or 0.47 percent, to 15,418.16.

Energy stocks fell 0.8 percent. MEG Energy Corp (MEG.TO) was down nearly 6 percent after the company said it planned to refinance its debt and quadruple spending in 2017.

Crude oil futures jumped above $53 a barrel amid hopes for increased Chinese demand, and after reports showing OPEC production fell sharply in December.

Financials were weaker today amid lingering concerns about exposure to a possible housing bubble.

Shaw Communications (SJR.B.TO) reported a nearly 60 percent drop in quarterly profit due to charges. Shares were lower by 1.7 percent.

Goldcorp Inc. (G.TO, GG) said that it agreed to sell its 100% interest in the Cerro Blanco gold-silver project, located in Guatemala, to Bluestone Resources Inc. (BSR.V). Goldcorp shares were up fractionally.

Aviation-training firm CAE Inc. (CAE, CAE.TO) said that it has signed two contracts with the United States Army and the Royal Canadian Air Force with a combined value of more than C$1 billion, including options. Shares were up slightly.