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Markets

TSX set to snap four-week winning streak as oil tumbles

  • Toronto Stock Exchange's S&P/TSX composite index was up 0.15%, while the energy index slid 0.7% after declining nearly 7% this week
20 Aug, 2021

A slide in Canada's main stock index halted on Friday but it was still on course to snap a four-week winning streak, pulled down by energy stocks as oil prices tumbled on fears of slowing global growth and rising COVID-19 cases.

By 10:07 a.m. ET (1407 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 0.15%, while the energy index slid 0.7% after declining nearly 7% this week.

Concerns that economic growth in China and the United States was beginning to slow have hammered equities and commodities prices this week and knocked the trade-reliant Canadian stock index off record highs.

Financial services, another heavyweight Canadian sector, is tracking its worst week since January.

TSX edges higher on mining boost, tracks fourth straight week of gains

Gregory Taylor, portfolio manager at Purpose Investments, said Canada had a greater exposure to economically-sensitive sectors and "so has really been hit harder than others on the fear that the fourth (COVID-19) wave is going to cause a slowdown in the reopening."

US equity markets rebounded on Friday from steep declines earlier in the week.

Meanwhile, domestic data showed Canada's retail sales jumped 4.2% in June, led by higher sales at clothing and accessories stores.

HIGHLIGHTS

The largest percentage gainers on the TSX were Lithium Americas Corp, and luxury parka maker Canada Goose Holdings Inc, both rising 2%.

Lumber producer Canfor Corp fell 3.2%, the most on the TSX, while the second-biggest decliner was MAG Silver Corp, down 2.5%.

Oil heads for 6% weekly drop as Delta variant spreads

The most heavily traded shares by volume were Sun Life Finl, Fortis Inc and Hexo Corp.

The TSX posted 11 new 52-week highs and three new lows.

Across all Canadian issues there were 65 new 52-week highs and 17 new lows, with total volume of 33.73 million shares.

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