(Reuters) - Canada’s main stock index dropped on Friday as energy shares fell, tracking declines in oil prices as trade dispute intensified after China unveiled more tariffs against U.S. goods, including crude.
* At 9:52 a.m. ET (1352 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was down 32.86 points, or 0.2%, at 16,220.6.
* Still, the main index was set to log its biggest weekly gain in six weeks.
* Four of the index’s 11 major sectors were lower, led by a near 2% drop in the energy sector.
* Oil prices fell after China hit back with tariffs against about $75 billion worth of U.S. goods, further escalating a trade war between the world’s two largest economies.
* U.S. crude prices were down 2.5% and Brent crude 1.5%.
* The latest salvo from Beijing comes after Washington unveiled tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on Sept. 1 and Dec. 15.
* The financials sector slipped 0.2%. The industrials sector fell 0.1%.
* Limiting losses on the main index was a 0.6% rise in the materials sector, which includes precious and base metals miners, as China’s latest tariffs blow spurred safe-haven buying in gold.
* On the TSX, 88 issues were higher, while 145 issues declined for a 1.65-to-1 ratio to the downside, with 9.75 million shares traded.
* The top percentage gainer on the TSX were shares of Cargojet Inc, which jumped 17% after the company announced a deal with Amazon.com Inc to provide air transportation services.
* Biggest decliners on TSX were shares of energy companies, Nuvista Energy and Peyto Exploration Development , which fell 4.2% each.
* The most heavily traded shares by volume were Stornoway Diamond Corp, Belo Sun Mining and Encana Corp .
* The TSX posted eight new 52-week highs and 11 new lows.
* Across all Canadian issues, there were 11 new 52-week highs and 19 new lows, with total volume of 18.25 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Shinjini Ganguli)