20.08.2019 23:19:01
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TSX Ends Notably Lower On Profit Taking
(RTTNews) - The Canadian stock market ended notably lower on Tuesday after languishing in the red right through the day's session as traders chose to take profits after two successive days of gains.
Weakness in European and U.S. markets and caution ahead of the release of the minutes of the Federal Reserve's July meeting also rendered the mood weak.
The benchmark S&P/TSX Composite Index ended down 90.74 points, or 0.56%, at 16,213.31. The index, which opened at 16,281.40, touched a low of 16,198.90 in the session.
The index ended with a gain of 0.96% on Monday, after having moved up 0.86% on Friday.
Telecommunications, energy and financial shares were among the most prominent losers. Shares from industrial and consumer staples sections too ended mostly weak. Cannabis shares were weak as well, while shares from materials and information technology sections posted gains.
Telecom stock Rogers Communications (RCI.B.TO) shed 2%. Telus Corp (T.TO) and Shaw Communications (SJR.B.TO) ended lower by 1.6% and 1.5%, respectively. BCE (BCE.To) declined 1%.
Among energy shares, Precision Drilling (PD.TO) declined nearly 6%. Canadian Natural Resources (CNQ.TO), Seven Generations Energy (VII.TO), Vermilion Energy (VET.TO), Enerplus Corp. (ERF.TO), Suncor Energy (SU.TO) and Imperial Oil (IMO.TO) lost 1.4 to 2.5%.
On the other hand, Tourmaline Oil Corp (TOU.TO) and Crescent Point Energy (CPG.TO) gained 2.75% and 1.95%, respectively.
In the financial space, Onex Corp (ONEX.TO), CDN Western Bank (CWB.TO), Manulife Financial (MFC.TO), Bank of Montreal (BMO.TO), Toronto-Dominion Bank (TD.TO), Sun Life Financial (SLF.TO), Canadian Imperial Bank of Commerce (CM.TO) and Royal Bank of Canada (RY.TO) lost 1 to 2%.
Among the stocks in the materials index, Iamgold Corp. (IMG.TO) spurted 7.2%. Torex Gold Resources (TXG.TO), First Majestic Silver (FR.TO), B2Gold Corp (BTO.TO) and Novagold (NG.TO) gained 4 to 5.2%.
Yamana Gold (YRI.TO), Ssr Mining (SSRM.TO), Barrick Gold (ABX.TO), Kirkland Lake Gold (KL.TO), Pan American Silver Corp. (PAAS.TO), Alamos Gold (AGI.TO), Osisko Gold (OR.TO) and Detour Gold (DGC.TO) also rose sharply.
Information technology stocks Shopify Inc. (SHOP.TO) and Quarterhill (QTRH.TO) gained 3.65% and 2.17%, respectively.
On the economic front, manufacturing sales in Canada fell 1.2% to CAD 58.0 billion in June 2019, after a 1.6% rise in the previous month and compared with market expectations of a 1.7% decline.
U.S. stocks ended weak and the major averages closed at their worst levels of the day. The Dow and the Nasdaq both ended lower by 0.7%, while the S&P 500 slumped 0.8%.
Most of the markets across Europe ended lower, while Asian markets turned in a mixed performance.
In commodities, West Texas Intermediate crude oil futures for September expired at $56.34 a barrel, gaining $0.13, or about 0.2%, for the session.
Gold futures for December ended up $4.10, or 0.3%, at $1,515.70 an ounce.
Silver futures for September ended up $0.208 at $17.148 an ounce, while Copper futures for September ended lower by $0.0235 at $2.5780 per pound.
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