July 17, 2018 / 2:49 PM / 2 years ago

CANADA STOCKS-TSX dips as oil hits energy stocks; Nevsun Resources lifts materials

(Reuters) - Canada’s main stock index edged lower on Tuesday as oil prices hovered near their lowest in three months and weighed on energy companies.

* At 9:53 a.m. ET (13:53 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 38.43 points, or 0.23 percent, at 16,456.3.

* Oil prices were pressured as worries over supply disruptions eased and the focus moved to increasing production and potential damage to global growth from the U.S.-China trade dispute.

* Seven of the index’s 11 major sectors were in the red, led by the energy sector

* The energy sector dropped 0.5 percent, on declines in Enbridge and Canadian Natural Resources , both down about 1 percent.

* U.S. crude prices were down 0.8 percent a barrel, while Brent crude was up 0.2 percent.

* The financial sector slipped 0.2 percent while industrials fell 0.3 percent.

* A bright spot was Nevsun Resources, which jumped 14 percent after the base metals miner said rival Lundin Mining’s most recent bid undervalues the company.

* Nevsun provided the biggest boost to the materials sector , pushing it 0.2 percent higher. Spot gold fell 0.9 percent to $1,228.97 an ounce, while copper prices declined 0.5 percent to $6,160 a tonne.

* In economic data, Canadian manufacturing sales rose more than expected in May from the month before, helped by strength in the chemicals and machinery industries.

* On the TSX, 98 issues were higher, while 143 issues declined for a 1.46-to-1 ratio to the downside, with 24.09 million shares traded.

* The largest percentage gainers on the TSX were Nevsun Resources followed by Canfor Corp, which rose 3.7 percent.

* First Majestic Silver Corp fell 4.2 percent, the most on the TSX, after providing its silver production numbers for the second quarter on Monday.

* The second biggest decliner was Aphria Inc, down 4.3 percent after Canadian marijuana company announced plans to buy Latin American and Caribbean assets from U.S.-based Scythian.

* The most heavily traded shares by volume were Nevsun Resources, Aurora Cannabis and Bombardier B .

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

* Across all Canadian issues, there were five new 52-week highs and 13 new lows, with total volume of 36.35 million shares. (Reporting by Medha Singh in Bengaluru)

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