May 29, 2018 / 2:24 PM / in 5 months

CANADA STOCKS-TSX falls due to losses in financial stocks

May 29 - Canada’s main stock index slipped lower on Tuesday due to losses in financial stocks led by Bank of Nova Scotia , which reported quarterly results.

* At 9:44 a.m. ET (1344 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 51.75 points, or 0.32 percent, at 15,964.39.

* The financials sector fell 1.1 percent, dragged by a 3 percent fall in shares of Bank of Nova Scotia.

* Shares of Toronto-Dominion Bank slipped 0.9 percent and were the second biggest drag to the financials.

* The industrials sector fell 0.4 percent, weighed down by the 0.9 percent decline in freight and logistics company Canadian National Railway Co’s and 2.2 percent fall in planemaker Bombardier Inc.

* Six of the index’s 11 major sectors were lower, pressured by the heavyweight financial sector.

* President Donald Trump is running out of time to deliver a revamp of NAFTA deal he promised for this year.

* The energy sector climbed 1.1 percent as Brent crude pared losses, triggered by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall.

* The materials sector, which includes precious and base metals miners, added 0.6 percent after gold prices edged up as a deepening political crisis in Italy provoked a second day of heavy selling on European financial markets

* On the TSX, 103 issues were higher, while 139 issues declined for a 1.35-to-1 ratio to the downside, with 16.22 million shares traded.

* Shares of Kinder Morgan Canada Ltd were up 2.8 percent after the Canadian government said it will buy the Trans Mountain pipeline project for C$4.5 billion ($3.5 billion).

* The Canadian dollar weakened to a more than two-month low against its U.S. counterpart as oil prices fell and the greenback broadly rose, while investors weighed a decision by Canada’s government to purchase a major oil pipeline project.

* The largest percentage gainers on the TSX was oil producer Crescent Point, which jumped 6.4 percent after CEO Scott Saxberg left the company.

* Bank of Nova Scotia was the biggest percentage loser on the TSX, followed by Hudson’s Bay Co, which fell 0.2 percent.

* The most heavily traded shares by volume were Crescent Point, Bombardier Inc and Canopy Growth Corp.

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

* Across all Canadian issues there were 7 new 52-week highs and 7 new lows, with total volume of 24.96 million shares. (Reporting by Shreyashi Sanyal in Bengaluru)

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