TSX flat as energy drag offsets US stimulus optimism
- The energy sector dropped 1.9% as US crude prices were down 1.5% a barrel.
- Toronto Stock Exchange's S&P/TSX composite index was down 7.48 points, or 0.04%, at 17,950.61.
Canada's main stock index was muted on Friday, as weakness in energy stocks and fears of tighter lockdowns amid rising coronavirus cases globally outweighed optimism around a $1.9 trillion US stimulus plan.
The energy sector dropped 1.9% as US crude prices were down 1.5% a barrel, while Brent crude lost 1.6% amid the prospect of tighter lockdowns in Germany and France as well as new COVID-19 restrictions in China.
Biden outlined a $1.9 trillion coronavirus stimulus package proposal on Thursday to jump-start the pandemic-hit economy.
At 9:38 a.m. ET (14:38 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 7.48 points, or 0.04%, at 17,950.61.
The financials sector slipped 0.2%. The industrials sector fell 0.4%.
Ballard Power Systems Inc fell 7.4%, the most on the TSX. The second biggest decliner was Osisko Mining Inc , down 5.5%.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.5%.
On the TSX, 66 issues were higher, while 149 issues declined for a 2.26-to-1 ratio to the downside, with 18.61 million shares traded.
The largest percentage gainers on the TSX were Blackberry Limited, which jumped 25.6% to its highest in more than two years, and Aphria Inc, which rose 11.5% extending its prior session's gains after an upbeat quarterly earnings.
The most-heavily traded shares by volume were BlackBerry Limited , Green Organic Dutchman Holdings Ltd and Zenabis Global Inc.
The TSX posted four new 52-week highs and no new lows.
Across all Canadian issues there were 24 new 52-week highs and two new lows, with total volume of 50.17 million shares.
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