July 23, 2018 / 11:49 AM / a month ago

TSX flat as energy offsets decline in materials, industrials

(Reuters) - Canada’s main stock index was little changed on Monday, as gains in energy shares offset a drop in the materials and industrials sectors.

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

* At 9:37 a.m. ET (1337 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was down 6.96 points, or 0.04 percent, at 16,428.5.

* Seven of the index’s 11 major sectors were lower, weighed down by a 0.3 percent fall each in the materials and industrials sectors.

* Gold prices slipped towards one-year lows as the U.S. dollar continued to strengthen against the currencies of key bullion consumers China and India.

* Barrick Gold Corp’s shares fell 2.4 percent after the Canadian miner said its chief executive officer, Kelvin Dushnisky, would quit and take the top job at South African gold producer AngloGold Ashanti Ltd.

* Top drags on industrials were shares of Canadian National Railway off 0.8 percent ahead of quarterly results on Tuesday and Canadian Pacific Railway, down about 0.6 percent.

* Economic data showed the value of Canadian wholesale trade rose in May from April as increased purchases of farm products, building materials and miscellaneous goods offset a drop in motor vehicles and parts. * Global finance leaders called on Sunday for stepped-up dialogue to prevent trade and geopolitical tensions from hurting growth, but ended a two-day G20 meeting with little consensus on how to resolve multiple disputes over U.S. tariff actions.

* Mexican President-elect Andres Manuel Lopez Obrador sent U.S. President Donald Trump a letter urging a swift end to NAFTA negotiations and suggesting the leaders could work well together due to their shared anti-establishment style, Mexican officials said on Sunday. * The energy sector however, climbed 0.2 percent as oil prices rose after U.S. President Donald Trump threatened Iran.

* A report showed Canadian banks are at risk of losing access to key European currency exchange platform.

* On the TSX, 115 issues were higher, while 112 issues declined for a 1.03-to-1 ratio favouring gainers, with 9.02 million shares traded. * Top percentage gainers on the TSX were shares of cannabis firms Canopy Growth Co, which rose 3.4 percent, and Aurora Cannabis, which climbed 3.1 percent. * Chemtrade Logistics (CHE_u.TO) fell 3.3 percent, top decliner on the TSX, after a stock rating cut and the second-biggest decliner was Interfor Corp, down 2.3 percent.

* The most heavily traded shares by volume were those of Aurora Cannabis, Bombardier Inc and Kinross Gold. * The TSX posted two new 52-week highs and no new lows. * Across all Canadian issues, there were five new 52-week highs and three new lows, with total volume of 14.86 million shares.

Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel

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