October 8, 2019 / 11:59 AM / a month ago

TSX drops on concerns around upcoming China-U.S. trade talks

(Reuters) - Canadian stocks fell on Tuesday as investors around the globe shunned risk assets amid growing anxiety about the outcome of the U.S.-China trade negotiations later this week.

FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren

At 9:44 a.m. ET (1344 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 101.17 points, or 0.62%, at 16,320.58.

A Bloomberg report said the Trump administration was moving ahead with discussions around possible curbs on capital flows into China.

Adding to the sour mood was a South China Morning Post report that said the Chinese delegation arriving for the trade talks in the United States could depart Washington a day earlier than planned.

The energy sector .SPTTEN dropped 2.0%, tracking a slide in oil prices.

U.S. crude CLc1 prices were down 1.1% a barrel, while Brent crude LCOc1 lost 0.9%. [O/R]

Ten of the index’s 11 major sectors were in the red, with industrials sector .GSPTTIN falling 1.1% and financials sector .SPTTFS slipping 0.6%.

A bright spot was the materials sector .GSPTTMT, which added 0.8% aided by shares of gold mining companies.

Investors’ aversion to risk helped gold futures GCc1 rise 0.6% to $1,506.3 an ounce. [GOL/] [MET/L]

On the TSX, 47 issues were higher, while 180 issues declined for a 3.83-to-1 ratio to the downside, with 16.41 million shares traded.

The largest percentage gainers on the TSX were Detour Gold Corp (DGC.TO), up 2.9%, and First Majestic Silver Corp (FR.TO), which rose 2.8%.

WSP Global Inc (WSP.TO) fell 5.8%, the most on the TSX. The second-biggest decliner was Whitecap Resources Inc (WCP.TO), down 4.4%.

The most heavily traded shares by volume were Aurora Cannabis (ACB.TO) and Docebo Inc (DCBO.TO).

The TSX posted six new 52-week highs and five new lows.

Across all Canadian issues, there were 12 new 52-week highs and 14 new lows, with total volume of 27.86 million shares.

Reporting by Medha Singh in Bengaluru; Editing by Maju Samuel

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