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Markets

Toronto shares flat as gains in tech, financials offset energy weakness

  • Toronto Stock Exchange's S&P/TSX composite index was up 5.21 points, or 0.02%, at 20,744, with both financials and technology stocks gaining over 0.3%
09 Sep, 2021

Canada's main stock index was flat on Thursday as gains in technology and financial stocks offset weakness in energy, while persisting worries about a slowdown in the economic rebound and rising COVID-19 cases kept sentiment in check.

At 9:42 a.m., the Toronto Stock Exchange's S&P/TSX composite index was up 5.21 points, or 0.02%, at 20,744, with both financials and technology stocks gaining over 0.3%.

Meanwhile, the energy index dropped 0.9% and was set for its fourth straight day of losses as oil prices fell more than 1% on demand concerns.

The Canadian benchmark index was also on course to end the week in the red, toppling from record highs as concerns around the economic impact of the Delta variant of the coronavirus hit demand for risky equities globally.

TSX up on oil strength; BoC rate decision awaited

"Investor sentiment was running fairly hot in North American markets for almost all of 2021 and now we're into a seasonal period that can be a little bit more challenging," said Mike Archibald, portfolio manager at AGF Investments.

"There is a little level of market fatigue here ... and there's just probably a little reset that's going to happen in the marketplace."

On Wednesday, Canadian equities were steady as the Bank of Canada kept its key rate unchanged.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.2% as gold futures rose 0.3% to $1,796.4 an ounce.

Highlights

First Quantum Minerals Ltd and Teck Resources Ltd were the largest percentage gainers on the TSX.

Transcontinental Inc fell the most on the TSX, after multiple brokerages cut the price target of the printing firm's stock.

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

Across all Canadian issues there were 17 new 52-week highs and five new lows, with total volume of 29.27 million shares.

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