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TSX drops on worries over fresh virus wave, rising oil stocks

Published 2020-06-24, 10:15 a/m
Updated 2020-06-24, 10:18 a/m

June 24 (Reuters) - Canada's main stock index retreated on Wednesday, led by energy shares, as worries about another wave of coronavirus infections and record-high oil inventories weighed on the prices of the commodity.

* The rising number of coronavirus cases in the United States, China, Latin America and India has raised concerns among investors that it could derail the global economic recovery. The energy sector .SPTTEN dropped 2.1% as U.S. crude CLc1 prices were down 1.4% a barrel, while Brent crude LCOc1 lost 1.5%. O/R

* At 9:46 a.m. ET (13:46 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 101.42 points, or 0.65%, at 15,463.33.

* The financials sector .SPTTFS slipped 1%, while the industrials sector .GSPTTIN fell 0.7%.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, added 0.5% as gold futures GCc1 fell 0.1% to $1,770.8 an ounce. GOL/

* On the TSX, 41 issues were higher, while 177 issues declined for a 4.32-to-1 ratio to the downside, with 18.04 million shares traded.

* The largest percentage gainers on the TSX were Aurora Cannabis Inc ACB.TO , which jumped 3.5% after a Stifel upgrade and Torex Gold Resources Inc TXG.TO , which rose 2.4% after TD Securities started coverage with a "buy" rating and C$30 target price.

* First Quantum Minerals Ltd FM.TO , which fell by 3.9%, and Crescent Point Energy Corp CPG.TO , which shed 3.8%, were the biggest drags on the index.

* The most heavily-traded shares by volume were Bonavista Energy Corp BNP.TO , down 14.3%, Bombardier Inc BBDb.TO , down 2.2% and Baytex Energy Corp BTE.TO , down 3%.

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* The TSX posted no new 52-week highs and no new lows.

* Across all Canadian issues, there were six new 52-week highs and three new lows, with a total trading volume of 40.29 million shares.

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