By Ketki Saxena
Investing.com -- Toronto stocks kicked off the month of August on a negative note as commodity prices declined, and as weak US manufacturing data and a poor demand outlook from China fanned risk-aversion.
The commodity-heavy S&P/TSX Composite index was also pressured by crude prices, as oil prices retreated on profit-taking, after crude posted its best month in July, after eighteen months. Metal prices also weighed on the TSX index prices as metal prices slid on a firm dollar.
Toronto Stock Market News
The National Bank of Canada (TSX:NA) announced that it will acquire Silicon Valley Bank's Canadian portfolio as it seeks to expand in the US tech sector. The portfolio is comprised of approximately $1 billion in loan commitments of which roughly $325 million are currently outstanding.
Strathcona Resources Ltd. announced it will go public, as part of its deal to purchase oil and gas exploration company Pipestone Energy Corp. The deal will create a combined business valued at $8.6 billion, and create the fifth-largest oil producer in Canada.
Shares of Silvercrest Metals plunged after two brokerages cut price targets on the miner.
Toronto Stocks Moving Markets Today
Top Gainers on the TSX Today:
- Brookfield Business (TSX:BBUC) Partners LP (TSX:BBU_u)
- TFI International Inc (TSX:TFII)
- Gfl Environmental Holdings Inc (TSX:GFL)
Top Losers on the TSX Today:
In Canadian Economics
Data showed Canada's manufacturing sector contracted for the third straight month in July as new orders declined, while production picked up.