July 17, 2018 / 11:29 AM / 4 months ago

TSX dips as oil hits energy stocks; Nevsun Resources lifts materials

(Reuters) - Canada’s main stock index edged lower on Tuesday as oil prices hovered near their lowest in three months and weighed on energy companies.

FILE PHOTO: A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. Canada's main stock index was little changed on Monday as weakness in financial and energy shares offset gains in the materials sector. REUTERS/Mark Blinch

* At 9:53 a.m. ET (13:53 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 38.43 points, or 0.23 percent, at 16,456.3.

* Oil prices were pressured as worries over supply disruptions eased and the focus moved to increasing production and potential damage to global growth from the U.S.-China trade dispute.

* Seven of the index’s 11 major sectors were in the red, led by the energy sector

* The energy sector dropped 0.5 percent, on declines in Enbridge and Canadian Natural Resources, both down about 1 percent.

* U.S. crude prices were down 0.8 percent a barrel, while Brent crude was up 0.2 percent. [O/R]

* The financial sector slipped 0.2 percent while industrials fell 0.3 percent.

* A bright spot was Nevsun Resources, which jumped 14 percent after the base metals miner said rival Lundin Mining’s most recent bid undervalues the company.

* Nevsun provided the biggest boost to the materials sector, pushing it 0.2 percent higher. Spot gold fell 0.9 percent to $1,228.97 an ounce, while copper prices declined 0.5 percent to $6,160 a tonne. [GOL/] [MET/L]

* In economic data, Canadian manufacturing sales rose more than expected in May from the month before, helped by strength in the chemicals and machinery industries.

* On the TSX, 98 issues were higher, while 143 issues declined for a 1.46-to-1 ratio to the downside, with 24.09 million shares traded.

* The largest percentage gainers on the TSX were Nevsun Resources (NSU.TO) followed by Canfor Corp (CFP.TO), which rose 3.7 percent.

* First Majestic Silver Corp (FR.TO) fell 4.2 percent, the most on the TSX, after providing its silver production numbers for the second quarter on Monday.

* The second biggest decliner was Aphria Inc APH.TO, down 4.3 percent after Canadian marijuana company announced plans to buy Latin American and Caribbean assets from U.S.-based Scythian.

* The most heavily traded shares by volume were Nevsun Resources (NSU.TO), Aurora Cannabis (ACB.TO) and Bombardier B (BBDb.TO).

* The TSX posted three new 52-week highs and two new lows.

* Across all Canadian issues, there were five new 52-week highs and 13 new lows, with total volume of 36.35 million shares.

Reporting by Medha Singh in Bengaluru

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below