- Eight Canadian energy companies are dropped from the S&P/TSX Composite Index because their market cap has dropped below minimum requirements.
- The eight companies are Precision Drilling (NYSE:PDS), Peyto Exploration (OTCPK:PEYUF), Birchfliff Energy (OTCPK:BIREF), Ensign Energy Services (OTCPK:ESVIF), Kelt Exploration (OTC:KELTF), Nuvista Energy (OTCPK:NUVSF), TORC Oil and Gas (OTCPK:VREYF) and NexGen Energy.
- Canada holds the world's third largest crude reserves but its energy shares have plummeted over the last five years amid concerns about lack of new oil pipeline capacity and a glut of cheap North American natural gas.
- The index is rebalanced quarterly, and companies are removed if their market cap based on float-adjusted shares falls below 0.025% of the overall value.
- The Toronto Stock Exchange's benchmark stock index closed at an all-time high on Friday, helped by a rise in oil prices.