Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

CANADA STOCKS-TSX falls as energy stocks slump with oil prices

Published 2017-07-05, 10:59 a/m
CANADA STOCKS-TSX falls as energy stocks slump with oil prices
LCO
-
CL
-
NG
-
GOLD
-
GSPTSE
-
CNQ
-
CVE
-
MEG
-
SU
-
GG
-
MFC
-
EIF
-

(Adds details on specific stocks, updates prices)

* TSX falls 28.32 points, or 0.19 percent, to 15,102.29

* Half of the TSX's 10 main groups move lower

* Decliners outnumber advancers by more than 2-to-1

TORONTO, July 5 (Reuters) - Canada's main stock index fell on Wednesday, with shares of energy companies weighing as oil prices retreated, while financial stocks and gold miners helped limit the overall losses.

At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 28.32 points, or 0.19 percent, at 15,102.29.

The energy group, which accounts for one-fifth of the index's weight, shed 2.5 percent as oil prices turned sharply lower after eight days of gains.

The most influential movers on the index included some of its biggest energy companies, with Canadian Natural Resources Ltd CNQ.TO off 2.4 percent at C$36.61 and Suncor Energy Inc SU.TO down 1.4 percent to C$37.00.

U.S. crude CLc1 prices were down 3.7 percent to $45.32 a barrel, while Brent crude LCOc1 lost 3.1 percent to $48.05, as climbing OPEC exports and a stronger dollar weighed on sentiment. O/R

Raymond James said it had lowered its assumptions for oil and natural gas prices in 2017 and 2018 and in turn downgraded shares of a string of Canadian producers, including Cenovus Energy Inc CVE.TO , which declined 5.7 percent to C$9.09, and MEG Energy Corp MEG.TO , which lost 8.9 percent to C$3.47.

Regional airline operator Exchange Income Corp EIF.TO was down 6.4 percent at C$30.55 after being targeted by a short-seller who said it does not generate enough cash to pay the dividends it provides investors. The company said it strenuously disagreed with a number of statements, assumptions and opinions in the report. materials group, which includes precious and base metals miners and fertilizer companies, added 0.7 percent, with gold miners bouncing after a recent trend lower, even as bullion held steady near its lowest in eight weeks.

Barrick Gold Corp ABX.TO advanced 3.2 percent to C$20.66 and Goldcorp Inc G.TO added 2.6 percent to C$16.62.

The financials group gained 0.3 percent, with insurer Manulife Financial Corp MFC.TO up 0.9 percent at C$24.40.

Half of the index's 10 main groups were in negative territory, although decliners were outnumbering advancers by more than 2-to-1 overall.

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.