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TSX turns negative as recession fears outweigh energy boost

Published 2020-04-03, 10:31 a/m
© Reuters.

April 3 (Reuters) - Canada's main stock index gave up early gains to trade lower on Friday, as fears of a deep recession fueled by the coronavirus pandemic overshadowed gains in energy stocks boosted by higher oil prices.

* Canada faces "a critical week" in fighting the coronavirus, a senior official said, as the death toll surged to 161 from 105 on Wednesday, while positive cases rose to 11,131 from 9,017. At 9:51 a.m. ET (1351 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 40.98 points, or 0.31%, at 13,056.86. The index had opened about 0.3% higher.

* The main index is set to end the week 3% higher and mark its second straight week of gains.

* The energy sector .SPTTEN climbed 1.4%, as oil prices continued to gain on rising hopes of a new global deal to cut global crude supply. O/R

* U.S. crude CLc1 prices were up 7.2% a barrel, while Brent crude LCOc1 added 12.2%. O/R

* Six of the index's 11 major sectors were lower. The financials sector .SPTTFS slipped 0.6% and the industrials sector .GSPTTIN fell 0.8%.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, added 0.4% as gold futures eked out gains. GOL/ MET/L

* On the TSX, 88 issues were higher, while 141 issues declined for a 1.60-to-1 ratio to the downside, with 43.00 million shares traded.

* The largest percentage gainers on the TSX were shares in Crescent Point CPG.TO , which jumped 16.5%, followed by MEG Energy Corp MEG.TO , which rose 15.7%.

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* Genworth MI Canada MIC.TO fell 9%, the most on the TSX, followed by Chemtrade Logistics CHE_u.TO , down 6.3%.

* The most heavily traded shares by volume were Crescent Point, Cenovus Energy CVE.TO and Baytex Energy Co BTE.TO .

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

* Across all Canadian issues there were one new 52-week high and six new lows, with total volume of 69.16 million shares.

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