April 16, 2020 / 3:14 PM / a month ago

CANADA STOCKS-TSX lower as bleak jobs report adds to economic woes

April 16 (Reuters) - Canada’s main stock index reversed from early gains to trade lower on Thursday as a grim March jobs report underscored the economic damage wrought by the coronavirus outbreak.

* At 10:13 a.m. ET (1413 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 75.92 points, or 0.54%, at 13,882.66.

* Canada lost 177,300 jobs in March, including sharp declines in trade, transportation and utilities as well as leisure and hospitality, a report from payroll services provider ADP showed on Thursday.

* The data added to woes for the domestic economy as a flash estimate from Statistics Canada on Wednesday showed gross domestic product (GDP) shrank a record 9% in March from February.

* The Bank of Canada on Wednesday said the coronavirus outbreak was set to trigger the biggest ever near-term domestic slump and suspended its economic forecasts given the highly uncertain outlook.

* Seven of the index’s 11 major sectors were lower.

* The materials sector, which includes precious and base metals miners, added 1.3% after gold prices regained footing as a raft of stimulus measures from central banks stoked demand for the yellow metal.

* The energy sector dropped 2.1% even as U.S. crude prices ticked up 0.7%, while Brent crude gained 0.7%.

* The financials sector slipped 1.6%. The industrials sector fell 0.9%.

* On the TSX, 83 issues were higher, while 148 issues declined for a 1.78-to-1 ratio to the downside, with 48.68 million shares traded.

* The biggest percentage gainers on the TSX were shares in gold miners Kinross Gold and Yamana Gold Inc which rose 6.5% each.

* Interfor Corp fell 9.6%, the most in the TSX, followed by shares in Aphria Inc, down 7.9%.

* The most heavily traded shares by volume were Bombardier and Peyto Exploration & Development.

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

* Across all Canadian issues there were 15 new 52-week highs and one new low, with total volume of 83.45 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Aditya Soni)

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