Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

TSX falls as weak economic data weighs on sentiment

Published 2019-04-30, 10:20 a/m
Updated 2019-04-30, 10:30 a/m
© Reuters.  TSX falls as weak economic data weighs on sentiment

April 30 (Reuters) - Canada's main stock index was little changed on Tuesday, as an unexpected contraction of economic growth soured investor sentiment, offsetting gains in the energy sector.

* At 9:37 a.m. ET (13:37 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 5.02 points, or 0.03 percent, at 16,595.89.

* The index is on pace to rise for the fourth straight month.

* The Canadian economy unexpectedly shrank by 0.1 percent in February, pulled down in part by weakness in the mining sector and bad weather that hurt rail transport, Statistics Canada data showed. Underscoring weakness in railroads, Canadian National Railway Co CNR.TO blamed higher operating expenses due to prolonged extreme cold weather for a lower-than-expected quarterly profit. Its shares fell more than 2 percent. Six of the index's 11 major sectors were lower.

* Among gainers was the energy sector .SPTTEN , which climbed 0.8 percent on the back of higher oil prices and upbeat earnings from the likes of Encana Corp ECA.TO and Secure Energy Service SES.TO .

* U.S. crude CLc1 prices were up 1.1 percent per barrel, while Brent crude LCOc1 added 1.2 percent. O/R

* The heavyweight financials sector .SPTTFS gained 0.1 percent, while the industrials sector .GSPTTIN fell 0.6 percent.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, added 0.3 percent. GOL/ MET/L

* On the TSX, 134 issues were higher, while 94 issues declined for a 1.43-to-1 ratio favouring gainers, with traded volume touching 10.94 million shares.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

* The largest percentage gainer on the TSX was Encana Corp, which rose 3.5 percent, after the oil and gas producer raised forecast for cost savings from its acquisition of Newfield Exploration, and reported a rise in quarterly adjusted profit. Secure Energy Services was the second best performer, which rose 3.2 percent after better-than-expected first quarter revenue.

* Capital Power Corp CPX.TO fell 2.9 percent, the most on the TSX, after its results. The second biggest decliner was Hexo Corp HEXO.TO , down 2.8 percent.

* The most heavily traded shares by volume were Prometic Life Sciences Inc PLI.TO , Encana Corp and Hexo Corp HEXO.TO .

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

* Across all Canadian issues, there were six new 52-week highs and three new lows, with total volume touching 20.74 million shares.

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.