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TSX slips as oil prices tumble, BoC rate decision awaited

Published 2019-05-29, 09:58 a/m
TSX slips as oil prices tumble, BoC rate decision awaited
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May 29 (Reuters) - Canada's main stock index fell on Wednesday, as weak oil prices dragged down energy shares, while investors awaited an interest rate decision from the Bank of Canada.

* At 9:36 a.m. ET (1336 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 116.52 points, or 0.71%, at 16,180.94.

* The energy sector .SPTTEN dropped 1.7%, the most among the 11 major sectors.

* Oil prices fell nearly 3% after China signaled it would use the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand. O/R

* Uncertainty due to trade conflicts has worried the Bank of Canada, which is widely expected to leave its benchmark interest rate unchanged at 1.75%. The rate decision is due at 10 a.m. (1400 GMT).

* A Reuters poll showed on Friday that the central bank is done raising interest rates until at least the end of next year with economists pricing a 40% chance of a rate cut by the end of 2020. The rate-sensitive financials sector .SPTTFS slipped 0.5%.

* On the TSX, 44 issues were higher, while 190 issues declined for a 4.32-to-1 ratio to the downside, with 11.52 million shares traded.

* The top percentage gainer on the TSX was Turquoise Hill Resources TRQ.TO , which rose 1.9%.

* Canada Goose Holdings GOOS.TO plunged 20.8%, the most on the TSX, after the high-end winter clothing maker posted its slowest revenue growth in eight quarters and forecast even slower sales growth for the next three years. The most heavily traded shares by volume were Champion Iron Ltd CIA.TO , Avalon Advanced Materials Inc AVL.TO and Royal Nickel RNX.TO .

* The TSX posted five new 52-week highs and eight new lows.

* Across all Canadian issues there were 26 new 52-week highs and 16 new lows, with total volume of 23.28 million shares.

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