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Energy stocks drag TSX lower

Published 2019-10-31, 10:19 a/m
© Reuters.  Energy stocks drag TSX lower
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Oct 31 (Reuters) - Canada's main stock index fell on Thursday as energy stocks were hit by lower crude prices and disappointing earnings from Suncor Energy .

* Seven of the index's 11 major sectors were trading lower, led by a 2.1% slide in energy stocks .SPTTEN .

* Oil prices came under pressure from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon. O/R

* Suncor Energy Inc SU.TO slipped 3% after the second-largest Canadian oil and gas producer's reported disappointing third-quarter profits

* Pretium Resources PVG.TO dived 22% after the miner reported worse-than-expected quarterly results. At 9:44 a.m. ET (1344 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 42.45 points, or 0.26%, at 16,458.98.

* The main index is set end October with losses of 1.2%, its second monthly decline for the year.

* Also weighing on sentiment was data that showed Canada's economy gained 0.1% in August, a touch less than analysts expected. In a bright spot, SNC-Lavalin Group Inc SNC.TO jumped 11%, to the top of TSX, after quarterly results beat estimates and the company named interim head Ian Edwards as its chief executive officer. On the TSX, 104 issues were higher, while 120 issues declined for a 1.15-to-1 ratio to the downside, with 23.95 million shares traded.

* The most heavily traded shares by volume were Bombardier BBDb.TO , Encana Corp ECA.TO and Bank Of Montreal BMO.TO .

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

* Across all Canadian issues there were ten new 52-week highs and 20 new lows, with total volume of 38.45 million shares.

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