September 24, 2019 / 2:40 PM / a month ago

CANADA STOCKS-TSX ticks higher on trade hopes; BlackBerry falls on weak results

(Updates)

Sept 24 (Reuters) - Canada’s main stock index edged higher on Tuesday on hopes of resumption in the U.S.-China trade talks, although a plunge in BlackBerry’s shares on weak results and a slide in oil prices capped gains.

* BlackBerry’s shares fell 17%, on track for their biggest percentage drop since early 2015, after the company cut the top end of its revenue forecast for the current year, hit by weak demand for its software amid increasing competition.

* The energy index dropped 0.9% as oil prices fell on gloomy outlook for demand and the prospect of Saudi Arabia restoring oil output faster than anticipated following attacks last week.

* However, the broader Toronto Stock Exchange’s S&P/TSX composite index was up 48.13 points, or 0.29%, at 16,915.33 by 10:00 a.m. ET as stocks globally benefited from a risk-on mood after Washington confirmed that trade negotiations with China would resume in two weeks.

* Treasury Secretary Steven Mnuchin said on Monday he and Trade Representative Robert Lighthizer would meet with Chinese Vice Premier Liu He for talks in early October, driving optimism about a breakthrough in their trade war.

* Six of the 11 major sectors were higher, with a 1.2% rise in the consumer staples index leading the gainers.

* Shares of a handful of energy firms including Birchcliff Energy, Ensign Energy Services, Kelt Exploration and NuVista Energy dropped between 0.8% and 3.2% after they were booted out of the S&P/TSX Composite index on Monday because their market capitalization has dropped below minimum requirements.

* A drop in gold prices also hurt shares of miners, while pot companies dropped, with Cronos Group’s 3.3% leading declines.

* The most heavily traded shares by volume were BlackBerry, Royal Nickel Corp and Encana Corp.

* The TSX posted 11 new 52-week highs and one new low.

* Across all Canadian issues, there were 32 new 52-week highs and seven new lows, with total volume of 49.09 million shares.

* On the TSX, 124 issues were higher, while 106 issues declined for a 1.17-to-1 ratio favoring gainers, with 29.49 million shares traded. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)

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