TSX slips as energy, materials stocks track weaker commodities
- The energy sector dropped 1.3% following a fall in oil prices as a bond price rout led to gains in the US dollar. Crude supply is expected to rise in response to prices climbing above pre-pandemic levels.
- The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.1% as gold futures fell 0.9% to $1,757.8 an ounce.
Canada's main stock index fell on Friday, a day after posting its worst session in nearly a month, with energy and materials stocks tracking weakness in commodities.
The energy sector dropped 1.3% following a fall in oil prices as a bond price rout led to gains in the US dollar. Crude supply is expected to rise in response to prices climbing above pre-pandemic levels.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.1% as gold futures fell 0.9% to $1,757.8 an ounce.
At 9:35 a.m. ET (14:35 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 41.5 points, or 0.23%, at 18,182.04.
Locally, data showed domestic producer prices rose by 2% in January from December.
Miner MAG Silver Corp fell 3.4%, the most on the TSX, and the second-biggest decliner was Pembina Pipeline Corp , down 3.1% after the oil producer said it could no longer predict a start date for the proposed Jordan Cove liquefied natural gas export plant in Oregon.
The financials sector slipped 0.3%. The industrials sector rose 0.2%.
On the TSX, 77 issues were higher, while 135 issues declined for a 1.75-to-1 ratio to the downside, with 12.54 million shares traded.
The largest percentage gainers on the TSX were Aecon Group Inc, which jumped 5% after the construction firm reported upbeat fourth-quarter earnings, and pot producer Aphria Inc, which rose 3%.
The most heavily traded shares by volume were ClearStream Energy Services Inc, Northern Dynasty Minerals Ltd and Nexgen Energy Ltd.
The TSX posted no new 52-week high and no new low.
Across all Canadian issues there were 11 new 52-week highs and seven new lows, with a total volume of 32.97 million shares.
Comments
Comments are closed.