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

Published 2020-05-22, 07:42 a/m
© Reuters. A sign board displaying Toronto Stock Exchange stock information is seen in Toronto

(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 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 (TO:LSPD), which jumped 6.1% as multiple brokerages raised price targets on the stock.

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

* Aurora Cannabis Inc (TO:ACB) 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 (TO:VET), down 4.7%.

* The most heavily traded shares by volume were Manulife Financial Corp (TO:MFC), down 0.9%, and Sun Life Financial Inc (TO:SLF), 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.👍🤣🤣🤣
"Tumbling" rewritten to "Weakens". We've proven that we can write this nonsense. Get it right the first time! You know, like your investing. Or are you redoing that too? Writers here are broke buffoons 🐵🐵🐵💸💸💸
Tumbling is what oil did when it went from $17 to -$32 in mid April. A drop from $34 to $32 is far from tumbling. That's why financial writers are broke. Because they follow their own investing advice. Idiots!👎
tumbling oil prices ? 2% maybe it would be better without any comments like that, as everything is opening .... why to cause people panic. someone really counts on this.
Fortunately seasoned investors know better than to trust these buffoons 💰👍
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