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Energy stocks drag down TSX

Stock Markets May 11, 2021 10:24
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(Reuters) - Canada's main stock index fell on Tuesday, dragged down by energy stocks as the rapid spread of COVID-19 infections in India raised concerns about oil demand.

* The energy sector dropped 2.5% as U.S. crude prices were down 1.8% a barrel, while Brent crude lost 1.7%. [O/R]

* At 9:38 a.m. ET (1338 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 229.27 points, or 1.18%, at 19,132.61.

* Suncor Energy fell 2.7% after it proposed to develop a clean hydrogen project near Fort Saskatchewan, Alberta, to cut greenhouse gas emissions and tackle climate change.

* The Canadian dollar weakened against its U.S. counterpart, pulling back from its highest level in three and half years as investors turned cautious ahead of data on Wednesday that is expected to show a jump in U.S. inflation.

* The financials sector slipped 0.8%. The industrials sector fell 1.3%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.3% as gold futures fell 0.1% to $1,835.2 an ounce. [GOL/]

* On the TSX, 6 issues were higher, while 219 issues declined for a 36.50-to-1 ratio to the downside, with trading of 21.93 million shares.

* The largest percentage gainer on the TSX was Centerra Gold (TO:CG), which jumped 5.0% after posting strong quarterly revenue.

* Aurora Cannabis Inc (TO:ACB) fell 5.1%, the most on the TSX, after CIBC cut target price to C$9 from C$15.

* The second-biggest decliner was Ballard Power Systems Inc (TO:BLDP), down 4.9%.

* The most heavily traded shares by volume were Tetra Bio-Pharma Inc (TO:TBP), Zenabis Global Inc (TO:ZENA) and Ascot Resources Ltd (TO:AOT).

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

* Across all Canadian issues, there were 11 new 52-week highs and 26 new lows, with total volumes of 54.45 million shares.

Energy stocks drag down TSX
 

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