🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

CANADA STOCKS-TSX tumbles as oil slide batters energy stocks

Published 2018-11-23, 10:13 a/m
© Reuters.  CANADA STOCKS-TSX tumbles as oil slide batters energy stocks
LCO
-
CL
-
GSPTSE
-
BBDb
-
VRN
-
ESI
-
SW
-
GSPTTMT
-
SPTTEN
-
KEL
-
FSV
-
ACB
-

Nov 23 (Reuters) - Canada's main stock index tumbled on Friday and was set for its worst week in nearly a month as a dive in oil prices hammered shares of energy companies.

* At 9:36 a.m. ET (1436 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 81.56 points, or 0.54 percent, at 15,010.02.

* Nine of the index's 11 major sectors were in negative territory, as a 2.2 percent drop in the energy sector .SPTTEN led declines.

* Crude prices fell to their lowest in over a year, on continued fears about a rising global surplus, even as producers considered cutting output to curb supply. The recent weakening in the price of U.S. oil has added to headwinds for Canada's oil patch. O/R

* U.S. crude CLc1 was down 6.1 percent, while Brent crude LCOc1 lost 4.4 percent.

* Among other weak spots, the materials sector .GSPTTMT , which houses precious and base metals miners, lost 1.1 percent after gold slipped as the dollar regained momentum. GOL/ MET/L

* Domestic data showed above target inflation and markets saw few signs that the Bank of Canada would hike interest rates next month. However, Bank of Canada Senior Deputy Governor Carolyn Wilkins said on Thursday, vulnerabilities in the Canadian housing market are still high despite rising interest rates and tighter mortgage rules. The Bank of Canada has hiked interest rates five times since July 2017, is due to announce its next rate decision on Dec 5.

* On the TSX, 50 issues were higher, while 191 issues declined for a 3.82-to-1 ratio to the downside, with 11.43 million shares traded.

* Top percentage gainers on the TSX were shares of FirstService Corp FSV.TO , which jumped 2.1 percent, followed by a 1.5 percent rise in shares of Sierra Wireless SW.TO .

* Shares of energy companies led laggards on the TSX, with 5.2 percent fall in shares of Ensign Energy Services ESI.TO followed by a 4.8 percent drop in shares of Kelt Exploration KEL.TO .

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

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

* Across all Canadian issues there was one new 52-week high and 25 new lows, with total volume of 18.32 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.