May 25, 2018 / 2:22 PM / 3 months ago

CANADA STOCKS-TSX dips as lower oil prices weigh on energy stocks

(Reuters) - Canada’s main stock index dipped on Friday for the fourth straight day, as a more than 2 percent drop in oil prices pushed energy stocks lower.

* At 9:48 a.m. ET (1348 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index was down 27.44 points, or 0.17 percent, at 16,086.18.

* Oil prices fell as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.

* The energy sector fell 2.6 percent, weighed down by 1.2 percent drop in shares of Suncor Energy and 1 percent dip in Canadian Natural Resources.

* Also weighing on TSX was the 0.1 percent drop in shares of materials group, which includes precious and base metals miners.

* Mine developer Northern Dynasty ended talks with First Quantum to partner on an Alaska mine, which sent shares of the copper miner down 0.7 percent.

* Seven of the index’s eleven major sectors were higher, led by the industrials sector that rose 0.7 percent.

* Boosting the industrials were shares of civil aviation training provider CAE Inc, which rose 1.6 percent after posting first-quarter results.

* The Canadian dollar weakened to a more than two-week low against the greenback as oil prices fell and the U.S. Dollar broadly climbed.

* Mexican Economy Minister Ildefonso Guajardo said there is about a 40 percent chance of concluding the renegotiation of NAFTA before the country’s presidential election on July 1.

* On the TSX, 122 issues were higher, while 119 issues declined for a 1.03-to-1 ratio favoring gainers, with 21.00 million shares traded.

* The largest percentage gainers on the TSX were CAE Inc and Endeavour Mining.

* Computer Modelling Group fell 0.7 percent, the most on the main index after IA Securities cut the stock’s rating to “hold” from “buy”.

* The second biggest decliner on TSX was MEG Energy Corp down 0.5 percent.

* The most heavily traded shares by volume were Neovasc Inc , Nemaska Lithium and Crescent Point Energy Corp.

* The TSX posted seven new 52-week highs and one new low.

* Across all Canadian issues there were 13 new 52-week highs and seven new lows, with total volume of 41.74 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below