🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

TSX falls as deepening U.S.-China trade war stokes growth fears

Published 2019-05-13, 10:35 a/m
© Reuters.  TSX falls as deepening U.S.-China trade war stokes growth fears
GSPTSE
-
LUN
-
ONEX
-
WJA
-
SW
-
CA3MT=RR
-
CA10YT=RR
-
GSPTTIN
-
SPTTFS
-
GSPTTMT
-
SPTTEN
-
LMNL
-
ACB
-

May 13 (Reuters) - Canada's main stock index fell for the third straight day on Monday, as an escalating trade row between the United States and China had investors worrying about the damage it could cause to global economic growth.

* At 9:38 a.m. ET (1338 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 130.59 points, or 0.8%, at 16,166.96.

* The latest salvo in the months-long trade spat between the world's two largest economies came with China announcing its plans to set tariffs ranging from 5% to 25% on a revised target list of $60 billion worth of U.S. imports. Beijing said the tariffs will take effect on June 1 and came less than two hours after Trump warned Beijing not to retaliate after China said it "will never surrender to external pressure".

* All of the index's 11 major sectors were trading in the red.

* Canadian government bond prices were higher and the spread between the yields on the 10-year bond CA10YT=RR and the 3-month T-bill CA3MT=RR briefly inverted.

* The energy sector .SPTTEN dropped 0.6% even as oil prices were buoyed by growing concern over supply disruptions in the Middle East. O/R

* The financials sector .SPTTFS slipped 1.3% while industrials .GSPTTIN fell 0.2%.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, lost 0.2% as lead prices sunk to the lowest in nearly three years on Monday on the trade tensions. MET/L

* On the TSX, 54 issues were higher, while 183 issues declined for a 3.39-to-1 ratio to the downside, with 15.72 million shares traded.

* The largest percentage gainers on the TSX were shares of WestJet Airlines Ltd WJA.TO , which jumped 61.9% after the company said it will be acquired by private equity firm Onex Corp ONEX.TO in an all-cash deal for C$3.53 billion ($2.63 billion). Lundin Mining Corp LUN.TO fell 5.9%, the most on the TSX, followed by Sierra Wireless Inc SW.TO , which fell 5.4%.

* The most heavily traded shares by volume were Prometic Life Sciences Inc PLI.TO , WestJet and Aurora Cannabis Inc ACB.TO .

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

* Across all Canadian issues there were nine new 52-week highs and nine new lows, with total volume of 26.33 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.