Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

CANADA STOCKS-TSX slides as energy stocks take hit from falling oil prices

Published 2017-05-31, 12:33 p/m
© Reuters.  CANADA STOCKS-TSX slides as energy stocks take hit from falling oil prices
TECK
-
LCO
-
GSPTSE
-
GAU
-
SU
-
EFN
-
ECN
-

* TSX down 81.59 points, 0.53 percent, to 15,290.76

* Six of the TSX's 10 main groups were down

TORONTO, May 31 (Reuters) - Canada's main stock index fell on Wednesday in broad declines, with a slump in oil prices dragging energy stocks lower.

Suncor Energy Inc SU.TO slipped 1.0 percent to C$42.22. The energy group retreated 1.4 percent as oil prices hit a three week-low.

Benchmark Brent crude LCOc1 tumbled 3.1 percent to $50.21, hit by news that Libyan output was recovering from an oilfield technical problem.

At 11:57 a.m. ET (1557 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE shed 81.59 points, or 0.53 percent, to 15,290.76.

Of the index's 10 main groups, six fell.

Asanko Gold Inc AKG.TO shares fell 13.2 percent to C$2.19 before being halted after short-selling firm Muddy Waters said it was shorting the stock due to concerns about the company's mining operations in Ghana. other companies were hit amid speculation they were the target of Muddy Waters, which proved to be incorrect.

Element Fleet Management Corp EFN.TO plunged nearly 40 percent before being briefly halted. The stock was still down 7.7 percent at C$9.32 after trading resumed.

The company issued a statement saying it was unaware of any material information that would account for the move and heavy trading volume.

ECN Capital Corp ECN.TO was also halted briefly after tumbling nearly 20 percent. The stock was down 6.4 percent at C$3.54 after trading resumed.

Element Fleet provides management services for commercial vehicle fleets, and ECN Capital is an independent commercial finance company. The two companies were formerly known as Element Financial Corp before splitting last fall.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1 percent, with Teck Resources Ltd TECKb.TO sliding 5.3 percent to C$23.96.

Cyclical stocks including financials and industrials also fell, even as government data showed that the Canadian economic growth accelerated strongly in the first quarter, growing at an annualized 3.7 percent pace. ECONCA

The financials group slipped 0.4 percent. Industrials fell 0.3 percent.

Declining issues outnumbered advancing ones on the TSX by 174 to 71, for a 2.45-to-1 ratio on the downside.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.