TSX falls on energy weakness, Alimentation Couche-Tard deal talks
- The energy sector dropped 1.1% as US crude prices were down 0.8% a barrel, while Brent crude lost 1%.
- Toronto Stock Exchange's S&P/TSX composite index was down 26.34 points, or 0.15%, at 17,959.46.
Canada's main stock index reversed course to trade lower on Wednesday, dragged down by weakness in energy stocks, while a drop in convenience-store operator Alimentation Couche-Tard Inc on merger reports further dented sentiment.
The energy sector dropped 1.1% as US crude prices were down 0.8% a barrel, while Brent crude lost 1%.
Alimentation Couche-Tard fell 7.4%, the most on the TSX, after the company submitted a non-binding offer letter to buy European retail giant Carrefour at a price of 20 euros per share.
At 9:43 a.m. ET (14:43 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 26.34 points, or 0.15%, at 17,959.46.
Meanwhile, Ontario on Tuesday declared an emergency after latest modeling put Canada's most populous province on track to have more than 20,000 new COVID-19 cases per day by the middle of February.
The second biggest decliner was commodity chemicals maker Methanex Corp, down 3%.
Adding to the downbeat mood, the materials sector , which includes precious and base metals miners and fertilizer companies, lost 0.1%.
On the TSX, 93 issues were higher, while 120 issues declined for a 1.29-to-1 ratio to the downside, with 21.04 million shares traded.
The largest percentage gainers on the TSX were pot producer Cronos Group Inc, which jumped 3.7%, and cancer drug developer Trillium Therapeutics Inc , which rose 3.3%.
The most-heavily traded shares by volume were Toronto-Dominion Bank, Alimentation Couche-Tard and Northern Dynasty Minerals Ltd.
The TSX posted six new 52-week highs and no new lows.
Across all Canadian issues there were 44 new 52-week highs and two new lows, with total volume of 43.31 million shares.
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