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Markets

TSX eyes worst day in a month on weaker crude, inflation concerns

  • The energy sector dropped 2.8%, while the materials sector, which includes precious and base metals miners and fertilizer companies, lost 3.4%.
  • Toronto Stock Exchange's S&P/TSX composite index was down 341.28 points, or 1.85%, at 18,075.46.
23 Feb 2021

Canada's main stock index fell on Tuesday and was set for its worst session in nearly a month as weaker crude prices weighed on energy stocks, while worries over rising inflation hit the materials sector.

The energy sector dropped 2.8%, while the materials sector, which includes precious and base metals miners and fertilizer companies, lost 3.4%. Recently, concerns about accelerating inflation have hit equities worldwide.

At 9:47 a.m. ET (14:47 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 341.28 points, or 1.85%, at 18,075.46.

The financials sector gained 0.5%. The industrials sector fell 0.3%.

On the TSX, 37 issues were higher, while 181 issues declined for a 4.89-to-1 ratio to the downside, with 43.52 million shares traded.

Pot producer Aphria Inc fell 18.7%, the most on the TSX, and the second-biggest decliner was Ballard Power Systems Inc, down 15.2%.

The largest percentage gainer on the TSX was Thomson Reuters Corp, which jumped 8.8% after the news and information group posted a higher fourth-quarter revenue.

Its gains were followed by Equitable Group Inc, which rose 5.5% after multiple brokerages raised their price targets for the financial service provider's stock.

The most heavily traded shares by volume were Manulife Financial Corp, Supreme Cannabis Company Inc, and Zenabis Global Inc.

The TSX posted eight new 52-week highs and no new lows.

Across all Canadian issues there were 38 new 52-week highs and 18 new lows, with total volume of 111.71 million shares.