(Reuters) - The energy sector pushed Canada’s main index lower on Friday, as oil prices declined after China reported slower economic growth, pointing to lower fuel demand from the world’s biggest oil importer.
Energy stocks dropped 0.9 percent as U.S. crude prices were down 0.6 percent a barrel, while Brent crude lost 0.6 percent. [O/R]
Stocks worldwide were weighed down following weak economic data from China and Europe, which fanned concerns of a global economic slowdown and left investors fretting over the wider impact of a still-unresolved Sino-U.S. trade dispute.
At 9:43 a.m. ET (14:43 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 85.94 points, or 0.58 percent, at 14,664.41.
All 11 major sectors were trading lower, with the technology sector’s 3.34 percent fall leading the losses.
Shopify Inc fell 10 percent, the most on the TSX, after the e-commerce company raised $400 million in equity.
Alamos Gold Inc, down 4.7 percent, was among the biggest decliners on the main index, after reporting that two of its employees were presumed dead after an accident in its mine.
On the TSX, 39 issues were higher, while 201 issues declined for a 5.15-to-1 ratio to the downside, with 20.61 million shares traded.
The largest percentage gainer on the TSX was Wheaton Precious Metals Corp, which jumped 13 percent after the company reached a settlement with Canada Revenue Agency on a tax dispute regarding foreign income.
Bausch Health Cos Inc, which rose 3.1 percent, was the second biggest gainer on the main index after brokerage H.C. Wainwright upgraded the stock’s rating to “buy”.
The most heavily traded shares by volume were Cannabis producers Aurora Cannabis Inc and Aphria Inc.
The TSX posted one new 52-week high and 24 new lows.
Across all Canadian issues there were two new 52-week highs and 75 new lows, with total volume of 32.04 million shares.
Reporting by Amy Caren Daniel in Bengaluru; Editing by Shounak Dasgupta