Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

TSX falls on downbeat earnings after three days of gains

Published 2019-07-25, 10:22 a/m
© Reuters.  TSX falls on downbeat earnings after three days of gains

July 25 (Reuters) - Canada's main stock index fell on Thursday after three straight days of gains, hurt by a clutch of downbeat corporate earnings reports.

* Miner Teck Resources Ltd TECKb.TO TCK.N reported a quarterly profit slightly below analysts' estimates, hurt by lower copper and zinc prices. Shares of the company fell 0.5%. Oil and gas producer Cenovus Energy CVE.TO fell 2.3% after the company missed quarterly profit estimates as the production cuts ordered by Alberta's provincial government in Canada hit output and higher Canadian crude prices hurt refining margins. At 9:40 a.m. ET (1340 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 48.11 points, or 0.29%, at 16,563.73.

* All of the index's 11 major sectors were lower, led by the energy sector's .SPTTEN 1% drop, hurt by Cenovus.

* The materials sector .GSPTTMT , which includes precious metal miners, lost 0.8%, hurt by an 8.8% fall in shares of OceanaGold Corp OGC.TO after the miner reported quarterly results.

* OceanaGold fell the most on the TSX, followed by shares of Celestica Inc CLS.TO , which dropped 6.8%.

* Among other reports, Husky Energy Inc HSE.TO posted a better-than-expected quarterly profit, as higher Canadian crude prices following the Alberta government's mandatory output cuts more than offset the company's lower production and weak refining margins. The financials sector .SPTTFS and the industrials sector .GSPTTIN each slipped 0.1%.

* On the TSX, 56 issues were higher, while 171 issues declined for a 3.05-to-1 ratio to the downside, with 13.85 million shares traded.

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

* The largest percentage gainers on the TSX were shares of Mullen Group Ltd MTL.TO , which jumped 6.6% followed by shares of Precision Drilling PD.TO , which rose 4%.

* The most heavily traded shares by volume were Lundin Mining LUN.TO and OceanaGold.

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

* Across all Canadian issues, there were 25 new 52-week highs and nine new lows, with total volume of 23.51 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.