TSX dips as financials, telecoms offset resource stock gains
Canada’s main stock index was barely lower in morning trade today as gains in resources stocks were offset by falls among financial and telecom names
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TORONTO — Canada’s main stock index was barely lower in morning trade today as gains in resources stocks were offset by falls among financial and telecom names.
The materials group, which includes precious and base metals miners and fertilizer companies, added 0.9 per cent, while the energy sector climbed 0.3 per cent.
At midday, the TSX composite index was down 19.38 points to 14,903.63.
U.S. markets were also flat as investors assessed quarterly earnings from some big names and awaited results from Apple.
The Dow Jones industrial average lost 43.35 points to 18,179.68. The Nasdaq composite index shed 21.93 points to 5,287.90.
The Canadian dollar is trading at 74.99 cents US, up 0.29 of a cent from Monday’s close.
Auto parts maker Magna International Inc declined 1 per cent to $54.27. Telecom companies also weighed, with Rogers Communications Inc down 0.9 per cent to $53.38 and BCE Inc off 0.4 per cent to $60.90.
Rogers last week parted ways with its chief executive.
The heavyweight financials group slipped 0.2 per cent, with insurer Manulife Financial Corp down 0.6 per cent at $19.51.
The most influential gainers on the index included Suncor Energy Inc, which rose 0.4 per cent to $39.49, and Teck Resources Ltd, which advanced 3.4 per cent to $28.40.
Teck’s stock has recovered from a low of $3.65 hit in January on a mix of cost-cutting and higher prices for its commodities.
Copper prices advanced 2.2 per cent on the day to $4,738.5 a tonne.
Shares in BlackBerry Ltd rose 0.9 per cent to $9.73 after the technology company launched its third Android-based phone, opting to price it cheaper than competing products.
West Fraser Timber Co Ltd advanced 8.9 per cent to $42.82 after the lumber company posted strong earnings after the bell on Monday.
Precision Drilling Corp advanced 4.7 per cent to $6.69 after several analysts upgraded their views on the stock.
Wallonia premier Paul Magnette said the Belgian region was not opposed to a planned European Union-Canada free trade deal in itself but that an arbitration scheme needed to be dropped and public services protected.
All 28 EU governments support the Comprehensive Economic and Trade Agreement (CETA), but Belgium cannot give assent without backing from five sub-federal administrations. French-speaking Wallonia has steadfastly opposed it.
© Thomson Reuters 2016
