August 14, 2019 / 11:43 AM / 2 months ago

TSX drops on global recession worries

(Reuters) - Canada’s main stock index fell on Wednesday, mirroring a global slump in equities, after dour economic data from Germany and China reignited recession fears.

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 9:35 a.m. ET (13:35 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 108.64 points, or 0.66%, at 16,242.2.

Ten of the index’s 11 major sectors were lower, led by the a 2.2% drop in the energy sector as oil prices took a hit on weak economic outlook.

U.S. crude prices were down 3.3% a barrel, while Brent crude lost 3.0%. [O/R]

The heavyweight financials sector slipped 0.8% and the industrials sector fell 0.8%.

Only the materials sector, which includes precious and base metals miners and fertilizer companies, was in the positive territory, adding 0.8%, as gold futures rose 0.8% to $1,513.7 an ounce. [GOL/] [MET/L]

On the TSX, 54 issues were higher, while 181 issues declined for a 3.35-to-1 ratio to the downside, with 18.60 million shares traded.

The largest percentage gainers on the TSX were Yamana Gold Inc, which jumped 4.4% and Novagold Resources Inc, which rose 3.9%.

Superior Plus Corp fell 6.9%, the most on the TSX. The second biggest decliner was Precision Drilling Corp, down 5.7%.

The most heavily traded shares by volume were Manulife Financial Corp, Enbridge Inc and Green Organic Dutchman Holdings Ltd.

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

Across all Canadian issues there were 20 new 52-week highs and 25 new lows, with total volume of 28.16 million shares.

Reporting by Medha Singh in Bengaluru; Editing by Shailesh Kuber

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