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Markets

TSX drops as commodity-linked stocks weigh

  • Toronto Stock Exchange's S&P/TSX composite index was down 63.43 points, or 0.31%, at 20,101.53.
  • The financials sector slipped 0.3%. The industrials sector rose 0.1%.
27 Jul 2021

Canada's main stock index fell on Tuesday, weighed by a 2.4% drop in energy stocks, while investors remained on the sidelines ahead of a two-day US Federal Reserve meeting.

At 9:38 a.m. ET (13:38 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 63.43 points, or 0.31%, at 20,101.53.

The energy sector dropped 2.4%, while the materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.8%.

Teck Resources Ltd fell 3.7%, the most on the TSX, after the miner posted second-quarter revenue and profits below analyst's expectations, followed by oil producer Suncor Energy Inc, down 3.4%.

TSX falls as tech stocks weigh

BHP Group has made a C$325 million ($258.45 million) approach for the Canadian nickel-copper miner Noront Resources, rivaling an offer from Australian mining billionaire Andrew Forrest's Wyloo Metals.

The financials sector slipped 0.3%. The industrials sector rose 0.1%.

On the TSX, 76 issues were higher, while 147 issues declined for a 1.93-to-1 ratio to the downside, with 12.99 million shares traded.

The largest percentage gainers on the TSX were the electronics company Celestica Inc, which jumped 10% after an upbeat second-quarter earnings and TFI International Inc, which rose 9.1% after multiples brokerages raised price targets on its stock following second-quarter results.

Pot stocks lift TSX after OrganiGram's strong results

The most heavily traded shares by volume were Bank of Montreal, Royal Bank of Canada, and Suncor Energy Inc.

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

Across all Canadian issues there were 29 new 52-week highs and seven new lows, with total volume of 21.96 million shares.

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