August 9, 2019 / 11:50 AM / 14 days ago

TSX flat as material losses offset by energy gains

(Reuters) - Canada’s main stock index treaded water on Friday, as gains in shares of energy companies were countered by losses in materials shares.

FILE PHOTO: The Toronto Stock Exchange sign is seen in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

Also keeping investors on edge was a report that Washington was delaying a decision about allowing some trade between U.S. companies and China’s telecom equipment maker Huawei again.

Oil prices were supported by expectations of more OPEC production cuts despite the International Energy Agency (IEA) reporting demand growth at its lowest since the financial crisis of 2008. [O/R]

The energy sector climbed 0.8%, the most among the major S&P sectors. [O/R]

Official data on Friday showed Canada’s economy shed a net 24,200 jobs in July, driven by a decline in wholesale and retail trade, as Canada’s job market remained in a holding pattern for the third consecutive month.

At 9:49 a.m. ET (1349 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 10.16 points, or 0.06%, at 16,394.37.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.8% as gold futures fell 0.1% to $1,496.1 an ounce.

On the TSX, 108 issues were higher, while 124 issues declined for a 1.15-to-1 ratio to the downside, with 19.55 million shares traded.

The largest percentage gainer on the TSX was Altus Group, which jumped 11.6% after its quarterly results beat analysts’ estimates.

Sleep Country followed closely behind with an 11% rise after reporting quarterly results.

CCL Industries Inc’s class B shares tumbled 9%, the most on the TSX, after its second-quarter revenue missed estimates.

The second-biggest decliner was Stantec Inc, down 7.5%, after multiple brokerages lowered their price target on the stock.

The most heavily traded shares by volume were Lydian International Ltd, New Gold Inc and Horizon North Logistics Inc.

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

Across all Canadian issues, there were 22 new 52-week highs and 14 new lows, with total volume of 35.71 million shares.

Reporting by Amy Caren Daniel in Bengaluru; Editing by Maju Samuel

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