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Markets

Energy stocks push TSX lower as OPEC+ agrees to ease supply curbs

  • The energy sector dropped 1.2% as US crude prices were down 1.2% a barrel and Brent crude lost 0.7%.
  • Air Canada fell 5.7%, the most on the TSX, followed by Bausch Health Companies Inc, down 3.1%.
16 Jul, 2020

Canada's main stock index slipped on Thursday, weighed by the energy sector as oil prices fell after OPEC and other producers including Russia agreed to ease supply curbs from August.

The energy sector dropped 1.2% as US crude prices were down 1.2% a barrel and Brent crude lost 0.7%.

Also pressuring the index, the materials sector fell 0.5% after gold prices dipped as the dollar firmed.

At 9:36 a.m. ET (1336 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 83.31 points, or 0.52%, at 15,980.02.

Air Canada fell 5.7%, the most on the TSX, followed by Bausch Health Companies Inc, down 3.1%.

In a bright spot, data showed Canada added 1,042,900 jobs in June as business reopened after shutdowns related to COVID-19, led by hiring in the trade, transportation and utilities sector.

The largest percentage gainers on the TSX were Jamieson Wellness Inc, which jumped 2%, and Corus Entertainment Inc, which rose 1.2%.

On the TSX, 46 issues were higher, while 171 issues declined for a 3.72-to-1 ratio to the downside, with 7.54 million shares traded.

The most heavily traded shares by volume were Air Canada, Bombardier Inc and Karora Resources Inc.

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

Across all Canadian issues there were 16 new 52-week highs and two new lows, with total volume of 18.05 million shares.

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