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Markets

Toronto stocks slip as oil drops from four-week high

  • The Toronto Stock Exchange's S&P/TSX composite index was down 66.33 points, or 0.32%, at 20,578.31, with energy stocks sliding 0.6%
30 Aug, 2021

Canada's energy-heavy main stock index slipped on Monday as oil prices fell from a four-week peak, although technology stocks tracked gains in the US tech-heavy Nasdaq to an all-time high.

The Toronto Stock Exchange's S&P/TSX composite index was down 66.33 points, or 0.32%, at 20,578.31, with energy stocks sliding 0.6%.

Technology was the only major Canadian sector to post gains by 9:52 a.m. ET (1352 GMT), with the boost to the main index from dovish remarks by the US Federal Reserve last week wearing off.

Trading in Canadian equities has been volatile in August - a seasonally weak period for stocks - but the TSX index is still on track for its seventh straight month of gains as investors remain confident in a global economic recovery.

"Investors should be feeling more comfortable and more inclined to commit money to equities as there will be no imminent tapering or Federal Reserve rate hikes," said Brandon Michael, senior analyst at ABC funds.

"Investors were anxious all summer about the Fed tapering and higher interest rates, (but) Powell has effectively kick the can down the road."

Despite surging 9.2% last week, energy stocks were tracking their second month of declines on caution over slowing US and Chinese economic growth and a surge in COVID-19 cases.

"There is a lot of weakness in the energy sector right now so there maybe profit taking from the bounce we've seen in energy stocks the last week," said Gregory Taylor, portfolio manager at Purpose Investments.

HIGHLIGHTS

The largest percentage gainers on the TSX were Canadian Western Bank and Nuvei Corp.

NFI Group Inc fell 6.3%, the most on the TSX, after CIBC cut its rating on the stock to "neutral".

The TSX posted nine new 52-week highs and no new low.

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