TSX threatens to snap 9-day rally as oil slide hits energy shares
Jan 17 (Reuters) - Canada's main stock index dipped
marginally on Thursday, endangering a nine-day winning streak
after a drop in oil prices hurt the energy sector.
* At 9:35 a.m. ET (1435 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was down 28.16 points, or 0.19
percent, at 15,083.1.
* The energy sector dropped 0.6 percent, the most
among the 11 main sectors.
* U.S. crude prices were down 1.6 percent, while
Brent crude lost 1.2 percent on higher production and
concerns over weakening demand in light of the trade dispute
between the United States and China.
* The Canadian province of Alberta's OPEC-style decision to
force production cuts is benefiting oil companies with higher
prices, but is also pushing capital elsewhere and threatens to
undermine booming crude-by-rail shipments, only adding to the
day's downbeat tone.
* The financials sector slipped 0.1 percent. A
Reuters poll showed signs of withering conviction in further
interest rate hikes from the Bank of Canada.
* The poll said Canada's economy is clawing its way through
a soft patch, which will delay the next interest rate rise until
at least April.
* The materials sector, which includes precious
and base metals miners, lost 0.4 percent as prices of aluminum
and gold dropped.
* On the TSX, 107 issues were higher, while 111 issues
declined for a 1.04-to-1 ratio to the downside, with 14.25
million shares traded.
* Husky Energy jumped 13.5 percent, the most on the
TSX, as the oil producer said it will not extend its hostile bid
for MEG Energy after failing to get sufficient support
from the rival's board and shareholders.
* MEG Energy shares plunged 37.6 percent, the most on the
* The most heavily traded shares by volume were those of
Aurora Cannabis, Trevali Mining, and MEG
* The TSX posted one new 52-week high and no new low.
* Across all Canadian issues, there were six new 52-week
highs and one new low, with total volume of 20.57 million
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by
First Published: 2019-01-17 16:37:35
Updated 2019-01-17 17:12:06
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