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Markets

TSX falls as energy, materials stocks drag

  • The energy sector dropped 1.2%, while the materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.2%
  • The financials sector slipped 0.6%. The industrials sector fell 0.8%.
22 Mar, 2021

Canada's main stock index fell on Monday, dragged down by weakness in energy and materials stocks, while government data showed the domestic wholesale trade most likely fell in February.

The energy sector dropped 1.2%, while the materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.2%

Canadian wholesale trade most likely fell by 0.4% in February from January on lower sales in the building materials and supplies, and machinery, equipment and supplies subsectors, Statistics Canada said in a flash estimate.

At 9:37 a.m. ET (1337 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 59.59 points, or 0.32%, at 18,794.41.

Paper and packaging company Cascades Inc fell 7.4%, the most on the TSX, after brokerage CIBC downgraded the rating of the stock. The second-biggest decliner was Labrador Iron Ore Royalty Corp, down 3%, after RBC downgraded the rating of the miner's stock.

The financials sector slipped 0.6%. The industrials sector fell 0.8%.

On the TSX, 93 issues were higher, while 124 issues declined for a 1.33-to-1 ratio to the downside, with 11.62 million shares traded.

The largest percentage gainers on the TSX were miner Lithium Americas Corp, which jumped 3.9%, and advertising firm AcuityAds Holdings Inc, which rose 3.3%.

The most heavily traded shares by volume were Bombardier Inc, Fortune Minerals Limited and Supreme Cannabis Company Inc.

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

Across all Canadian issues there were 19 new 52-week highs and one new low, with a total volume of 26.41 million shares.

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