February 8, 2018 / 3:13 PM / 9 months ago

Toronto shares hit five-month low as sell-off resumes

(Reuters) - Canada’s main stock index tumbled on Thursday, ending at its lowest level in nearly five months as a sell-off on Wall Street deepened and as a drop in oil prices hit energy shares.

Businessmen pass the Toronto Stock Exchange sing in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

- The Toronto Stock Exchange’s S&P/TSX composite index ended down 264.97 points, or 1.73 percent, at 15,065.61.

- After trading little changed earlier in the session, Bay Street joined the global rout in equities as the benchmark S&P 500 shed more than 4 percent, putting the index in correction territory. [.N]

- Selling in Toronto accelerated into the closing bell, with the TSX ending at the day’s low, making for its lowest close since Sept. 11.

- The losses added on to a retreat that began on Monday, putting the index on track to decline more than 3 percent for the week.

- Suncor Energy Inc reversed earlier declines and was one of the biggest drags on the index, down 2.4 percent at C$41.44 after it reported higher fourth-quarter profit on stronger oil prices and lower costs.

- The energy group retreated 2.8 percent as oil settled down 64 cents at $61.15 a barrel after data showed U.S. crude output had reached record highs. [O/R]

- The financials group also dragged the market lower, slipping 1.6 percent as Royal Bank of Canada declined 1.8 percent to C$99.24 and Bank of Montreal fell 2.4 percent to C$95.51.

- The selling was broad-based with all 10 of the index’s main sectors in the red. The subindex of gold producers eked out a small gain of 0.1 percent as investors searched for safety.

- Shares of Bombardier Inc declined 2.1 percent to C$3.20 after the plane and train maker missed out on a contract to provide rail cars for one of the world’s biggest light rail systems in Montreal.

- Canada Goose Holdings Inc declined 16.1 percent to C$40.15 after releasing its quarterly results.

- Volume on the TSX index was 256.44 million shares.

Reporting by Leah Schnurr; Editing by Lisa Shumaker

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