Toronto index falls

TORONTO: Canada’s benchmark index extended losses for a third straight session on Tuesday, as weakness in energy and metal prices due to rising COVID-19 cases in China weighed on commodity stocks. At 10:00 a.m. ET (1400 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 161.23 points, or 0.76%, at 21,019.55.

The energy and materials sectors fell 4.4% and 1.4% respectively, tracking weakness in commodity prices.

Oil prices dropped to three-week lows and industrial metal prices fell as daily COVID-19 infections in major consumer China doubled from a day earlier to hit a two-year high.

“We’re going to have a volatile year so there’s going to be lots of moving parts,” said Greg Taylor, portfolio manager at Purpose Investments.