TSX weighed by energy stocks, inflation data

Canada's main stock index fell on Wednesday, dragged down by energy stocks after oil prices fell on demand concerns and as data showed inflation rose in April.

Inflation in Canada rose at its fastest pace in a decade in April, mostly due to the statistical comparison to last year when prices tanked amid pandemic shutdowns, but also as gasoline and shelter costs rose, data showed on Wednesday.

At 9:38 a.m. ET (13:38 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 198.19 points, or 1.02%, at 19,308.86.

The energy sector dropped 2.4% as US crude prices were down 2.7% a barrel, while Brent crude lost 2.5%.

Aviation training specialist CAE Inc fell 6.4% after reporting a 77% drop in fourth-quarter profit, as demand for its full-flight simulators and pilot drills remained stressed due to the COVID-19 pandemic.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.6%.

On the TSX, 21 issues were higher, while 206 issues declined for a 9.81-to-1 ratio to the downside, with 20.51 million shares traded.

The largest percentage gainer on the TSX was Wesdome Gold Mines, which jumped 9.9%, after the expansion of its mine in Quebec.

Franco Nevada Corp rose 2.1% after Credit Suisse raised its target price to $145 from $130

First Quantum Minerals fell 6.7%, the most on the TSX, after selling the company sold its Australia nickel mine stake.

The second biggest decliner was Nexgen Energy, down 6.3%.

The most heavily traded shares by volume were Enbridge Inc , Sun Life Financial and Western Forest products.

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

Across all Canadian issues there were 10 new 52-week highs and 17 new lows, with total volume of 41.45 million shares.