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CANADA STOCKS-TSX drops on plunging Turkish lira, tracks global stocks

Published 2018-08-10, 10:24 a/m
© Reuters.  CANADA STOCKS-TSX drops on plunging Turkish lira, tracks global stocks
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Aug 10 (Reuters) - Canada's main stock index fell on Friday, as a dive in the Turkish lira left investors scurrying for safer assets such as the U.S. dollar, yen and U.S. government bonds.

* At 9:35 a.m. ET (1335 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 65.94 points, or 0.4 percent, at 16,351.04.

* At current levels, the index is set to end the week 0.5 percent lower.

* The plummeting lira was caused by a deepening rift with the United States and worries about Turkey's economy. U.S. President Donald Trump imposed 20 percent duty on Turkish aluminum and 50 percent on Turkish steel, as tensions mount between the two NATO allies over Ankara's detention of an evangelical pastor and other diplomatic issues. Domestic data showed, Canadian economy unexpectedly added 54,100 jobs in July and the unemployment rate dipped to equal a record low of 5.8 percent. The Canadian dollar weakened to a more-than two-week low against its U.S. counterpart as geopolitical risk rattled global financial markets, offsetting stronger-than-expected domestic jobs data. All but one of the index's 11 major sectors were lower on broad based declines across sectors.

* The energy sector .SPTTEN dropped 0.3 percent and the financial sector .SPTTFS lost 0.5 percent.

* On the TSX, 67 issues were higher, while 172 issues declined for a 2.57-to-1 ratio to the downside, with 9.42 million shares traded.

* Top percentage gainers on the TSX were shares of Pretium Resources PVG.TO , which jumped 11.5 percent and Ritchie Bros RBA.TO , which rose 8.9 percent after reporting strong second-quarter results.

* Nuvista Energy NVA.TO fell 8.8 percent, top laggard on the TSX, after acquiring assets in the Pipestone area of northwest Alberta. The second-biggest decliner was Uni-Select Inc UNS.TO , down 7.9 percent after posting second-quarter results.

* The most heavily traded shares by volume were Aurora Cannabis ACB.TO , Yamana Gold Inc YRI.TO and Nuvista Energy NVA.TO .

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

* Across all Canadian issues there were six new 52-week highs and 10 new lows, with total volume of 14.35 million shares.

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