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CANADA STOCKS-TSX falls weighed by inflation concerns

Published 2021-02-22, 10:25 a/m
© Reuters.

(Updates prices, adds sector details)

Feb 22 (Reuters) - Canada's main stock index fell on Monday, tracking Wall Street, pressured by worries over a spike in inflation after commodity prices jumped on vaccine-led recovery hopes.

* U.S. crude CLc1 and Brent crude LCOc1 prices rose around 2%, while Spot Gold .XAU= gained 1.37%. O/R

* That helped the energy sector .SPTTEN and the materials sector .GSPTTMT , climb 2.1% and 1.3%, respectively.

* At 9:42 a.m. ET (14:42 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 31.43 points, or 0.17%, at 18,352.84.

* Sentiment was weighed by global stocks falling after a raft of stimulus and inoculation measures fueled a surge in commodity prices and sparked concerns around the prospects of rising inflation. MKTS/GLOB

* Locally, Just Energy JE.TO tumbled 25% after the electricity and gas provider forecast a $250 million loss from the impact of winter storms sweeping across Texas and warned of its ability to continue as a going concern. On the TSX, 101 issues were higher, while 114 issues declined for a 1.13-to-1 ratio to the downside, with 19.72 million shares traded.

* Drugmaker Cronos Group Inc CRON.TO fell 3.3%, the most on the TSX, and the second biggest decliner was Ballard Power Systems Inc BLDP.TO , down 3.1%.

* The largest percentage gainer on the TSX was Enerplus Corp ERF.TO , which jumped 6.2%, after multiple brokerages raised their price targets on the oil and gas company.

** MEG Energy Corp MEG.TO followed closely behind with a 5.6% rise after RBC upgraded shares of the energy company.

* The most heavily traded shares by volume were Nevada Copper Corp NCU.TO and Zenabis Global Inc ZENA.TO .

* The TSX posted 10 new 52-week highs and no new lows.

* Across all Canadian issues there were 46 new 52-week highs and 12 new lows, with total volume of 67.44 million shares.

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