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TSX on course to post sharpest weekly fall as trade worries linger

Published 2019-05-10, 10:36 a/m
© Reuters.  TSX on course to post sharpest weekly fall as trade worries linger
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May 10 (Reuters) - Canada's main stock index fell on Friday, as investors were worried about the U.S.-China trade dispute, with Washington raising tariffs on Chinese goods even as the two sides tried to strike a last-minute deal.

* At 10:01 a.m. ET (14:01 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 116.6 points, or 0.71%, at 16,205.15. The index was on track to post its biggest weekly decline since mid-December.

* The declines mirrored a risk-off mode across global stocks on fears that worsening trade tensions between the two largest economies in the world would dent global growth.

* The United States on Friday hiked levies on $200 billion worth of Chinese goods and Beijing threatened to retaliate, although negotiators agreed to stay at the table in Washington for a second day. The worries overshadowed encouraging domestic data that showed the Canadian economy added a record 106,500 jobs in April, which reinforces market expectations that the Bank of Canada will keep rates steady for now. The April gain far outstripped analysts' expectations of 10,000 jobs. All the 11 major S&P sectors were lower, led by a 1.1% fall in the consumer discretionary index .GSPTTCD . Gaming company Stars Group Inc TSGI.TO fell 4.6%, giving back gains after a near 15% rise on Thursday.

* The energy sector .SPTTEN and materials sector .GSPTTMT , heavyweights on the main index, fell about 0.9% each.

* The largest percentage gainer on the TSX was Kinaxis Inc KXS.TO , which rose 11.7% after better-than-expected quarterly results. This was followed by a 7.7% gain for CES Energy Solutions Corp CEU.TO .

* Ritchie Bros. Auctioneers Inc RBA.TO fell 6.6%, the most on the TSX, after its first-quarter profit missed estimates.

* The most heavily traded shares by volume were Bombardier Inc BBDb.TO , Crescent Point Energy Corp CPG.TO and Aurora Cannabis Inc ACB.TO .

* On the TSX, 65 issues were higher, while 167 issues declined for a 2.57-to-1 ratio to the downside, with traded volumes touching 35.44 million shares.

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

* Across all Canadian issues, there were eight new 52-week highs and 14 new lows, with total volumes touching 51.73 million shares.

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