TSX falls on energy weakness as surging virus cases weigh
- The energy sector dropped 3.3% as US crude prices were down 2.4% a barrel, while Brent crude lost 2.3%.
- The financials sector slipped 0.9%, while the industrials sector fell 1.1%.
Canada's main stock index fell on Monday, dragged by energy stocks as a surge in coronavirus cases in the US and Europe threatened fuel demand, while Libya's fast growing output also weighed on prices.
The energy sector dropped 3.3% as US crude prices were down 2.4% a barrel, while Brent crude lost 2.3%.
At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 118.62 points, or 0.73%, at 16,185.46.
The financials sector slipped 0.9%, while the industrials sector fell 1.1%.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.1%. Gold futures fell 0.1% to $1,900.3 an ounce.
On the TSX, 46 issues were higher, while 171 issues declined for a 3.72-to-1 ratio to the downside, with 17.26 million shares traded.
Cenovus Energy Inc fell 12.8%, the most on the TSX, after the company agreed to buy Husky Energy Inc and the second biggest decliner was Vermilion Energy Inc , down 5.3%.
Genworth MI Canada Inc jumped 23.7% to be the largest percentage gainer on the TSX. The company said Brookfield Business Partners will buy the remaining 43% stake it does not hold in the mortgage insurer for about C$1.6 billion ($1.21 billion).
Its gains were followed by Husky Energy Inc, which rose 7.7% on the Cenovus deal.
The most heavily traded shares by volume were Cenovus Energy Inc, Husky Energy, and Fission Uranium Corp.
The TSX posted two new 52-week highs and no new lows.
Across all Canadian issues there were four new 52-week highs and no new lows, with total volume of 29.42 million shares.
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