June 28, 2018 / 11:37 AM / 4 months ago

TSX slips at open weighed by financials

(Reuters) - Canada’s main stock index fell on Thursday after central bank Governor Stephen Poloz kept markets guessing on interest rate hike in July.

FILE PHOTO: A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch

* At 9:35 a.m. ET (1335 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was down 61.63 points, or 0.38 percent, at 16,169.62.

* The brewing trade war between Canada and the United States is weighing on business investment but the domestic economy is near full capacity and inflation is on target, and it will be economic data that decides the next rate move, Poloz said in a speech on Wednesday.

* Poloz’s statement sent the Canadian dollar to a one-year low before it recovered ground on Wednesday.

* Poloz also said some businesses are not sure they are ready to invest right now, because they are uncertain about future of NAFTA.

* Eight of the index’s 11 major sectors were lower, led by the financial sector, which slid 0.5 percent.

* The energy sector was also down 0.3 percent.

* Canada’s trade minister last week met senior officials from General Motors Co and Fiat Chrysler Automobiles NV in Detroit, as Ottawa takes its lobbying effort directly to the Big Three carmakers to avert potential U.S. auto tariffs.

* The Canadian government has no control over decisions to resume or start new work on the Trans Mountain until it takes ownership of the major crude oil pipeline project, Canada’s natural resources minister said.

* On the TSX, 90 issues were higher, while 145 issues declined for a 1.61-to-1 ratio to the downside, with 8.55 million shares traded.

* Top gainers on the TSX were shares of Detour Gold Corp, which climbed 4.7 percent after the company updated its mining plan.

* NFI Group Inc, which rose 1.6 percent on a National Bank of Canada upgrade, was the second-biggest percentage gainer.

* Ritchie Bros fell 7.1 percent and was the top decliner on the TSX, while Corus Entertainment was the second-biggest loser, with a 5.3 percent fall.

* Aurora Cannabis, Canopy Growth Co and Arizona Mining were the most heavily traded shares by volume.

* The TSX posted one new 52-week high and seven new lows.

* Across all Canadian issues there were three new 52-week highs and 20 new lows, with total volume of 14.85 million shares.

Reporting by Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta

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