Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

CANADA STOCKS-TSX threatens to snap 9-day rally as oil slide hits energy shares

Published 2019-01-17, 10:12 a/m
Updated 2019-01-17, 10:20 a/m
© Reuters.  CANADA STOCKS-TSX threatens to snap 9-day rally as oil slide hits energy shares

Jan 17 (Reuters) - Canada's main stock index dipped marginally on Thursday, endangering a nine-day winning streak after a drop in oil prices hurt the energy sector.

* At 9:35 a.m. ET (1435 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 28.16 points, or 0.19 percent, at 15,083.1.

* The energy sector .SPTTEN dropped 0.6 percent, the most among the 11 main sectors.

* U.S. crude CLc1 prices were down 1.6 percent, while Brent crude LCOc1 lost 1.2 percent on higher production and concerns over weakening demand in light of the trade dispute between the United States and China. O/R

* The Canadian province of Alberta's OPEC-style decision to force production cuts is benefiting oil companies with higher prices, but is also pushing capital elsewhere and threatens to undermine booming crude-by-rail shipments, only adding to the day's downbeat tone. The financials sector .SPTTFS slipped 0.1 percent. A Reuters poll showed signs of withering conviction in further interest rate hikes from the Bank of Canada.

* The poll said Canada's economy is clawing its way through a soft patch, which will delay the next interest rate rise until at least April. The materials sector .GSPTTMT , which includes precious and base metals miners, lost 0.4 percent as prices of aluminum and gold dropped. GOL/ MET/L

* On the TSX, 107 issues were higher, while 111 issues declined for a 1.04-to-1 ratio to the downside, with 14.25 million shares traded.

* Husky Energy HSE.TO jumped 13.5 percent, the most on the TSX, as the oil producer said it will not extend its hostile bid for MEG Energy MEG.TO after failing to get sufficient support from the rival's board and shareholders. MEG Energy shares plunged 37.6 percent, the most on the TSX.

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

* The most heavily traded shares by volume were those of Aurora Cannabis ACB.TO , Trevali Mining TV.TO , and MEG Energy.

* The TSX posted one new 52-week high and no new low.

* Across all Canadian issues, there were six new 52-week highs and one new low, with total volume of 20.57 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.