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TSX falls as oil weakens, Sino-U.S. tensions rise

Published 2020-05-22, 10:20 a/m
© Reuters.

May 22 (Reuters) - Canada's main stock index was dragged down by energy stocks on Friday, as oil prices fell and tensions between the United States and China rose.

* At 9:44 a.m. ET (13:43 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 25.83 points, or 0.17%, at 14,859.02.

* The nation's domestic retail sales fell a record 10% in March as many non-essential businesses were shut down to curb the spread of the COVID-19 pandemic, Statistics Canada said on Friday, and also warned that April data could reveal an even sharper decline. The energy sector .SPTTEN dropped 2.2% as U.S. crude CLc1 prices fell 3.0% a barrel, while Brent crude LCOc1 lost 3.1%. O/R

* The financials sector .SPTTFS slipped 1.1%, while industrial stocks .GSPTTIN rose 0.2%.

* The materials sector .GSPTTMT , which includes precious and base metal miners and fertilizer companies, added 1.9% as gold futures GCc1 rose 0.4% to $1,726.6 an ounce. GOL/

* On the TSX, 77 issues were higher, while 143 issues declined for a 1.86-to-1 ratio in favor of the losers, with 26.60 million shares traded.

* The largest percentage gainer on the TSX was software developer Lightspeed POS Inc LSPD.TO , which jumped 6.1% as multiple brokerages raised price targets on the stock.

* Lightspeed was followed by miner Wesdome Gold Mines Ltd WDO.TO , which rose 5.1% as rising Sino-U.S. tension drew concerned investors to safe havens.

* Aurora Cannabis Inc ACB.TO fell 4.4%, the most on the TSX, after several brokerages cut price targets on the pot company's stock.

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* The second-biggest decliner was Vermilion Energy Inc VET.TO , down 4.7%.

* The most heavily traded shares by volume were Manulife Financial Corp MFC.TO , down 0.9%, and Sun Life Financial Inc SLF.TO , which fell 0.5%.

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

* Across all Canadian issues, there were nine new 52-week highs and one new low, with total volume of 42.29 million shares.

Latest comments

This just in. Conservative hypocrites apply for the Canada Emergency Wage Subsidy: "We're doing our best to adjust to this new reality. This has meant incurring unexpected expenses that ensure our staff have the ability and technology to work remotely for an extended period," said Cory Hann, a spokesperson for the Conservatives. "We have applied and been accepted for the federal wage subsidy, and with staff across Canada that have young and extended families that all rely on our organization, we want to do everything we can to maintain regular operations and continue to avoid layoffs." Conservative Finance Critic Poilievre grilled Finance Minister Morneau about the consequences of providing such benefits, but now Stevie's Conservatives are lining up at the trough for a "handout" rather than stand for their beliefs and leave their share for the Canadian taxpayer, as Conservatives like to put it. Maybe the Conservative Party needs to take a warm dip with Scheer in the sewers.👍🤣🤣🤣
If let stocks to drop more so China and Saudi will own US ...
They already do! 😂😂😂
Ed, do you work for CNN or CBC? I love people who take shots at Trump and ignore the drama teacher who is an embarrassment to our great nation. Trump has many warts but some economic savvy, Trudeau is ineffective and ill prepared on every level. You need to worry more about the irreparable harm being done at home my wayward friend.
Trumpvirus's bailout package is 3x more per capita than Mr Trudeau's, yet the US has global supremacy when it comes to the dead and infected of Covid-19. What do you have for the families of the dead? Empty condolences? Mr. Trudeau closed the US/Canada border in weeks. Trumpvirus took years to close the Mexican border. Don't be upset because you picked a loser thief like Scheer to lead our country. Even Harper's Conservative party knows a loser when they see one. Hopefully you pick your stocks better than your politicians, but I doubt that!💸💸💸🤣🤣🤣
Fake name, fake comments, fake opinions. Go back to Facebook with the rest of your Conservative Conspiracy Theorists/Fake News kind. Your just a loser with nothing to invest. 💸💸💸💸🤣🤣🤣
That was for you, Brofessor Broke!💸💸💸🤣🤣🤣
58220 Americans died in the Vietnam war over 20 years under four presidents. 96354 Americans died of Covid-19 in three months under Donald Trump. Can't say that Trump isn't efficient! Despite the increased defence spending, Trump could not defend the US from his 2020 Covid-19 Vietnam War. Instead he surrendered to this enemy with his poor planning blaming the rest of the world for his incompetence, and putting all Americans in danger, as well as Canada. Bleach is still his #1 cure all. Trumpvirus USA is falling in disgrace!🤣🤣🤣👍
The only thing that's a disgrace is the amount of logical fallacies with your ridiculous statement, Ed
Try again, Austin. Typical of a Facebook Conservative Conspiracy Theorist to take things out of context to satisfy what little you have to support Trumpvirus. By you supporting an imbecile such as Dr Trump, PHD in Clorox, it is YOU who cares not for the dead US victims of Covid-19. So save your empty condolences. The families of the dead don't care to hear it from a Trumpvirus supporter who contributed to the demise of their family members. Retreat to Facebook, like Trump retreated from fighting Covid-19. Btw, keep up the good work JT. You are doing your country proud with how you dealt with Covid-19. You even saved your ungrateful critics from this awful disease. And well done keeping the US border closed for inessential travel. It keeps the Trumpvirus and the drug smugglers from infecting this great country of ours the you won two terms to lead!🤣🤣🤣👍
Gee Jacky, lots of talk and no argument to back it up. Typical Dilusional Conservative Conspiracy Theorist response. Don't shoot the messenger for providing the truth. Go after the Trumpvirus that is making it a fact. The families of the 96354 dead (and climbing) will agree with me. Who will agree with you? Facebook? Save your empty condolences for Scheer. He needs a hand getting out of the sewer where Stevie's Conservatives put him. Be careful, though. As self serving as Scheer is, he'll likely pick pocket you as you try to pull him out. Private school is expensive, you know!👍🤣🤣🤣
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