🔴 LIVE: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

TSX falls on weaker oil prices, downbeat earnings

Published 2020-07-30, 07:45 a/m
© Reuters. Passersby watch the performance of stocks on a financial news television screen in the business district of Toronto

(Reuters) - Canada's main stock index fell on Thursday, as energy stocks were weighed by lower oil prices and a slate of dismal earnings from those including Husky Energy Inc and TC Energy Corp.

* The energy sector dropped 2.6% as U.S. crude prices were down 2.4% a barrel and Brent crude lost 1.9%. [O/R]

* Shares of Husky Energy fell 4.5% after the company posted a quarterly loss compared with a year-ago profit, while TC Energy dropped 1.5% after posting a 6% fall in second-quarter comparable profit.

* At 9:44 a.m. ET (1344 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 190.58 points, or 1.17%, at 16,104.08.

* Whitecap Resources Inc fell 5.2%, the most on the TSX, after the oil producer posted a wider-than-expected loss.

* The second biggest decliner was methanol producer Methanex Corp, down 4.6%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.2% as gold futures fell 0.3% to $1,947.1 an ounce. [GOL/]

* On the TSX, 30 issues were higher, while 191 issues declined for a 6.37-to-1 ratio to the downside, with 18.27 million shares traded.

* The largest percentage gainer on the TSX was Tourmaline Oil Corp (TO:TOU), which jumped 4.8% after the oil producer posted a surprise profit.

* Its gains were followed by pot producer Aphria Inc (TO:APHA), which rose 4.3%, after brokerage CIBC hiked its price target on the stock.

* The most heavily traded shares by volume were Eastmain Resources Inc (TO:ER), Kinross Gold Corp (TO:K) and Baytex Energy Corp (TO:BTE).

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

© Reuters. Passersby watch the performance of stocks on a financial news television screen in the business district of Toronto

* Across all Canadian issues there were 17 new 52-week highs and two new lows, with total volume of 41.97 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.