🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

CANADA STOCKS-TSX opens lower, dragged by energy shares

Published 07/08/2015, 12:22 am
Updated 07/08/2015, 12:26 am
© Reuters.  CANADA STOCKS-TSX opens lower, dragged by energy shares
GOLD
-
GSPTSE
-
CNQ
-
SLF
-
ATRL
-
X
-
SU
-

* TSX down 82.64 points, or 0.57 percent, at 14,420.35

* Nine of 10 main sectors fall

By Alastair Sharp

TORONTO, Aug 6 (Reuters) - Canada's main stock index fell on Thursday, with shares in energy companies drooping on lower oil prices while earnings surprises moved specific financial, telecom, mining and other stocks.

The energy sector, which accounts for 19 percent of the weight of the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE , fell 1.5 percent as oil slipped to multi-month lows amid a persistent global supply glut and little sign of a reduction in production.

Suncor Energy Inc SU.TO lost 1.7 percent to C$36.67. Canadian Natural Resources CNQ.TO retreated 1.2 percent to C$31.94, despite a fall in production expenses that helped the country's largest independent petroleum producer report better-than-expected adjusted earnings.

"CNQ is going to go up and down with the price of oil. Until the price of oil recovers I don't care how good their cost control is," said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services.

The overall index was down 82.64 points, or 0.57 percent, at 14,420.35 by 10:03 a.m. EDT (1403 GMT). Nine of the 10 main sectors fell.

Shares in SNC-Lavalin Group Inc SNC.TO fell 9 percent to C$39.81 after the engineering and construction company said costly problems with two projects hurt its earnings.

"Just when you thought they turned a corner they deliver this type of quarter," Schwartz said. "It's a tough business, we exited SNC a few years ago."

Barrick Gold Corp ABX.TO shares gained 4.6 percent to C$9.07 after the major gold miner said it is making big strides toward an ambitious debt reduction target, announcing a financing deal for its Dominican mine and the planned sale of a suite of U.S. assets.

Insurer Sun Life Financial Inc SLF.TO jumped 4.1 percent to C$44.59 after reporting a quarterly profit that breezed past analysts' estimates, driven by growth in all its businesses and a weaker Canadian dollar.

TMX Group Ltd X.TO , the operator of the Toronto Stock Exchange, fell 2.7 percent to C$48.57 after reporting a lower-than-expected quarterly profit, hurt by a drop in revenue at its issuer services and cash markets trading businesses.

If overall losses hold through the session, a six-day rising streak will be broken.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.