Sept 10 (Askume) – Canada’s main stock index fell on Tuesday, dragged by a drop in energy stocks, while investor caution over U.S. inflation data also capped the overall decline.
The S&P/TSX composite index (.GSPTSE) fell 148.94 points, or 0.65%, to 22,878.21 at 10:08 a.m. ET (14:08 GMT) .
At least nine major sectors of the index suffered losses.
Energy stocks (.SPTTEN) were the sector’s biggest losers, falling 3% as oil prices tumbled on weak demand outlook and risks of a global oil glut.
Most of the losses across markets came from Wall Street, with the S&P 500 (.SPX) falling as investors awaited U.S. inflation data and signals on how much and how quickly the Federal Reserve will cut interest rates.
Money markets unanimously expect the Federal Reserve to cut interest rates for the first time this cycle at its policy meeting on September 18.
Poor performing companies on the TSX included Masatex Corp (MX.TO) down 4.5%, Baytex Energy Corp (BTE.TO) down 3.4% and Precision Drilling Corp (PD.TO) down 3%.
Leading stocks included Kinross Gold Corp (K.TO), up 2.5%, and Aya Gold & Silver Inc (AYA.TO), up 2.3%.
The index rose by 62 stocks and declined by 160 stocks, outpacing declines by 0.4 to 1. There were 10 new highs, 8 new lows, and volume totaled 30.5 million shares.
The most traded stocks by volume were Canadian Natural Resources Ltd. (CNQ.TO) , Suncor Energy Inc. (SU.TO) and Betax Energy Corp. (BTE.TO).
West Texas Intermediate crude futures fell 3.26%, or $2.27, to settle at $66.44 a barrel. Brent crude fell 3.08%, or $2.21, to settle at $69.63
The Toronto Stock Exchange is up 9.3% this year.
