September 4, 2019 / 2:31 PM / 2 months ago

CANADA STOCKS-TSX pares gains after BoC warns of trade war fallout

Sept 4 (Reuters) - Canada’s main stock index gave up some gains on Wednesday after the Bank of Canada flagged risks to the global economy from the U.S.-China trade battle, but left interest rates unchanged as expected.

* At 10:16 a.m. ET (14:16 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 81.45 points, or 0.5%, at 16,480.68.

* The Bank of Canada maintained its key overnight interest rate at 1.75%, but said the negative effects of the trade war were “weighing more heavily on global economic momentum than the Bank had projected in its July Monetary Policy Report”.

* Separately, data showed Canada posted a bigger-than-expected trade deficit in July, a sign that the boost to the domestic economy from trade in the second quarter may not be repeated.

* Ten of the index’s 11 major sectors were higher.

* The energy sector climbed 1.6% as U.S. crude prices rose 3.2% a barrel, while Brent crude added 2.7% on improved global risk apatite.

* The financials sector gained 0.5% and the industrials sector rose 1%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.6%.

* On the TSX, 174 issues were higher, while 56 issues declined for a 3.11-to-1 ratio favoring gainers, with 35.43 million shares traded.

* The largest percentage gainers on the TSX were First Quantum Minerals Ltd, which jumped 7.1%, and Precision Drilling Corp, which rose 6.8%.

* Nexgen Energy Ltd fell 3%, the most on the TSX. The second biggest decliner was Restaurant Brands International Inc, down 2.7%.

* The most heavily traded shares by volume were Green Organic Dutchman Holdings Ltd, Suncor Energy Inc and Crescent Point Energy Corp.

* The TSX posted 21 new 52-week highs and no new low.

* Across all Canadian issues there were 66 new 52-week highs and eight new lows, with total volume of 60.75 million shares. (Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)

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