June 11, 2020 / 2:33 PM / a month ago

CANADA STOCKS-TSX falls as energy sector drops, U.S. Fed issues bleak forecast

June 11 (Reuters) - Canada’s main stock index fell on Thursday as the energy sector dropped 4.5% with oil prices falling due to piling U.S. inventories, while a sobering economic outlook from the Federal Reserve dented risk appetite.

The U.S. Fed on Wednesday projected the U.S. economy would shrink 6.5% in 2020 and the unemployment rate would still be 9.3% at the year’s end.

* At 9:51 a.m. ET (13:51 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 339.55 points, or 2.16%, at 15,361.78.

* The energy sector dropped 4.5% as U.S. crude prices were down 7.6% a barrel, while Brent crude lost 6.5%, dragged down by another record build-up in U.S. crude inventories.

* The financials sector slipped 2.9%, while the industrials sector fell 2.5%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, stayed flat, even though gold futures rose 0.6% to $1,723.4 an ounce.

* On the TSX, 22 issues were higher, while 206 issues declined for a 9.36-to-1 ratio in favor of the losers, with 62.49 million shares traded.

* The largest percentage gainers on the TSX was Hexo Corp , jumping 11.1% after the pot producer’s third-quarter revenue soared 70% to C$22.1 mln.

* Hexo was followed by Transcontinental Inc, which rose 2.7%.

* Secure Energy Services Inc fell 12.2%, the most on the TSX, followed by Shawcor Ltd, down 11.3%.

* The most heavily traded shares by volume were Hexo Corp, Canadian Natural Resources Ltd, down 3.1%, and Air Canada, down 6.2%.

* The TSX posted no new 52-week high or low.

* Across all Canadian issues there were six new 52-week highs and four new lows, with total volume of 103.58 million shares. (Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)

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