TSX falls as oil weakens, Sino-US tensions rise

The Toronto Stock Exchange's S&P/TSX composite index was down 25.83 points, or 0.17pc, at 14,859.02. The l
22 May, 2020
  • The Toronto Stock Exchange's S&P/TSX composite index was down 25.83 points, or 0.17pc, at 14,859.02.
  • The largest percentage gainer on the TSX was software developer Lightspeed POS Inc, which jumped 6.1pc as multiple brokerages raised price targets on the stock.
  • The TSX posted two new 52-week highs and no new low.

At 9:44 a.m. ET (13:43 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 25.83 points, or 0.17pc, at 14,859.02.

The nation's domestic retail sales fell a record 10pc in March as many non-essential businesses were shut down to curb the spread of the COVID-19 pandemic, Statistics Canada said on Friday, and also warned that April data could reveal an even sharper decline.

The energy sector dropped 2.2pc as US crude prices fell 3.0pc a barrel, while Brent crude lost 3.1pc.

The financials sector slipped 1.1pc, while industrial stocks rose 0.2pc.

The materials sector, which includes precious and base metal miners and fertilizer companies, added 1.9pc as gold futures rose 0.4pc to $1,726.6 an ounce.

On the TSX, 77 issues were higher, while 143 issues declined for a 1.86-to-1 ratio in favor of the losers, with 26.60 million shares traded.

The largest percentage gainer on the TSX was software developer Lightspeed POS Inc, which jumped 6.1pc as multiple brokerages raised price targets on the stock.

Lightspeed was followed by miner Wesdome Gold Mines Ltd , which rose 5.1pc as rising Sino-US tension drew concerned investors to safe havens.

Aurora Cannabis Inc fell 4.4pc, the most on the TSX, after several brokerages cut price targets on the pot company's stock.

The second-biggest decliner was Vermilion Energy Inc , down 4.7pc.

The most heavily traded shares by volume were Manulife Financial Corp, down 0.9pc, and Sun Life Financial Inc , which fell 0.5pc.

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

Across all Canadian issues, there were nine new 52-week highs and one new low, with total volume of 42.29 million shares.

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