July 30, 2020 / 11:48 AM / 10 days ago

TSX falls on weaker oil prices, downbeat earnings

(Reuters) - Canada’s main stock index fell on Thursday, as energy stocks were weighed by lower oil prices and a slate of dismal earnings from those including Husky Energy Inc and TC Energy Corp.

FILE PHOTO: Passersby watch the performance of stocks on a financial news television screen in the business district of Toronto, Canada, January 30, 2017. REUTERS/Chris Helgren

* The energy sector dropped 2.6% as U.S. crude prices were down 2.4% a barrel and Brent crude lost 1.9%. [O/R]

* Shares of Husky Energy fell 4.5% after the company posted a quarterly loss compared with a year-ago profit, while TC Energy dropped 1.5% after posting a 6% fall in second-quarter comparable profit.

* At 9:44 a.m. ET (1344 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 190.58 points, or 1.17%, at 16,104.08.

* Whitecap Resources Inc fell 5.2%, the most on the TSX, after the oil producer posted a wider-than-expected loss.

* The second biggest decliner was methanol producer Methanex Corp, down 4.6%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.2% as gold futures fell 0.3% to $1,947.1 an ounce. [GOL/]

* On the TSX, 30 issues were higher, while 191 issues declined for a 6.37-to-1 ratio to the downside, with 18.27 million shares traded.

* The largest percentage gainer on the TSX was Tourmaline Oil Corp (TOU.TO), which jumped 4.8% after the oil producer posted a surprise profit.

* Its gains were followed by pot producer Aphria Inc (APHA.TO), which rose 4.3%, after brokerage CIBC hiked its price target on the stock.

* The most heavily traded shares by volume were Eastmain Resources Inc (ER.TO), Kinross Gold Corp (K.TO) and Baytex Energy Corp (BTE.TO).

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

* Across all Canadian issues there were 17 new 52-week highs and two new lows, with total volume of 41.97 million shares.

Reporting by Amal S in Bengaluru; Editing by Amy Caren Daniel

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