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CANADA STOCKS-TSX drops as oil slide deepens losses in energy shares

Published 2018-11-30, 10:24 a/m
© Reuters.  CANADA STOCKS-TSX drops as oil slide deepens losses in energy shares
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Nov 30(Reuters) - Canada's main stock index dropped on Friday as another slide in oil prices pulled down energy shares, while latest domestic data showed that economic growth was in line with expectations in the third quarter.

* Canada's economic growth slowed to an annualized rate of 2.0 percent in the third quarter, underpinning market expectations that the Bank of Canada will not raise interest rates next week. The leaders of Mexico, Canada and the United States signed a North American trade pact after brinkmanship over the final details of the deal continued through the eve of the signing, which was a positive sign for the Canadian economy. However, U.S. stocks were pressured as investors were cautious ahead of the high-stakes meeting between the presidents of the United States and China at the G20 Summit, which could determine the fate of the ongoing trade dispute that has roiled financial markets. US/ GLOB/

* At 9:37 a.m. ET (14:37 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 39.8 points, or 0.26 percent, at 15,154.24.

* Oil prices fell further, hurting energy shares, as swelling inventories depressed sentiment despite widespread expectations of production cut next week. O/R

* The energy sector .SPTTEN fell 1.4 percent as U.S. crude CLc1 prices were down 2.6 percent per barrel, while Brent crude LCOc1 lost 1.8 percent. O/R

* The financials sector .SPTTFS edged down 0.1 percent, while the industrials sector .GSPTTIN rose 0.4 percent.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, lost 0.9 percent as gold prices futures GCc1 fell 0.4 percent to $1,219.6 an ounce. GOL/ MET/L

* On the TSX, 67 issues were higher, while 167 issues declined for a 2.49-to-1 ratio to the downside, with traded volume touching 10.15 million shares.

* The largest percentage gainer on the TSX was Sleep Country ZZZ.TO , which jumped 6.6 percent, after announcing a deal to buy online mattress retailer Endy.

* Second biggest gainer was ECN Capital Corp ECN.TO , which rose 5.4 percent, after announcing a share buyback programme.

* Precision Drilling Corp PD.TO fell 4.9 percent, the most on the TSX. The second biggest decliner was Eldorado Gold Corp ELD.TO , which was down 4.0 percent.

* The most heavily traded shares by volume were Aurora Cannabis ACB.TO , Summit Indust Income REIT SMU_u.TO and Crescent Point Energy CPG.TO .

* The TSX posted two new 52-week highs and nine new lows.

* Across all Canadian issues, there were four new 52-week highs and 12 new lows, with total volume touching 16.22 million shares.

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