July 16, 2018 / 11:52 AM / 9 months ago

TSX lower as energy stocks pressured by declining oil prices

(Reuters) - Canada’s main stock index slipped on Monday, as a sharp drop in oil prices weighed heavily on the energy group.

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 36.99 points, or 0.22 percent, at 16,524.13.

* Oil prices fell sharply as concerns about supply disruptions eased and Libyan ports reopened while traders eyed potential supply increases by Russia and other oil producers. [O/R]

* Nine of the index’s 11 major sectors were lower, weighed by a 1.1 percent drop in the energy sector.

* U.S. crude prices were down 2.2 percent and Brent crude lost 2.7 percent.

* Syncrude Canada on Friday told buyers it would cut crude deliveries in August by about 35 percent after an outage last month at its oil sands site in northern Alberta.

* Economic data showed net foreign investment in Canadian securities dropped to C$2.18 billion ($1.66 billion) in May from C$9.09 billion in April, as non-residents sold off stocks and money market paper.

* Another piece of domestic data showed resales of Canadian homes rose 4.1 percent in June from May.

* Italy is in no hurry to bring the European Union’s free trade agreement with Canada to a parliamentary vote, its farm minister Gian Marco Centinaio said, suggesting its opposition to the deal may be easing.

* Canadian government customs provisions are expected to soften the blow on the country’s powerful automotive industry from retaliatory tariffs on U.S. steel, according to trade lawyers and industry leaders bracing for higher costs.

* On the TSX, 89 issues were higher, while 141 issues declined for a 1.58-to-1 ratio to the downside, with 7.23 million shares traded.

* Top percentage gainer on the TSX were shares of West Fraser Timber Co, which jumped 4.4 percent after RBC raised its rating for the stock.

* Second advancer on the TSX were shares of NFI Group, which rose 2.8 percent after posting its second-quarter delivery numbers.

* Guyana Goldfields fell 10.6 percent, top decliner on the TSX, after cutting its 2018 gold production.

* The most heavily traded shares by volume were Aurora Cannabis, Bombardier Inc and Aphria Inc.

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

* Across all Canadian issues there were 11 new 52-week highs and four new lows, with total volume of 12.96 million shares.

Reporting by Shreyashi Sanyal in Bengaluru; Editing by Bernard Orr

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