Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

CANADA STOCKS-TSX flat as financials, Rogers Communications offset economic data

Published 2018-04-20, 10:21 a/m
Updated 2018-04-20, 10:30 a/m
© Reuters.  CANADA STOCKS-TSX flat as financials, Rogers Communications offset economic data

April 20 (Reuters) - Canada's main stock index was little changed on Friday as gains in financial companies and Rogers Communications Inc (TO:RCIa) offset declines in energy stocks and lower-than-expected domestic inflation data.

* At 9:55 a.m. ET (1355 GMT), the Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE was up 7.81 points, or 0.05 percent, to 15,462.23.

* Canada's annual inflation rate rose to 2.3 percent in February, exceeding the central bank's 2.0 percent target for the second straight month but was slightly below analyst expectations of a 2.4 percent rise. Canadian retail sales grew by 0.4 percent in February, higher than a 0.3 percent gain expected by Reuters' poll of analysts. "The markets are a little bit disappointed because the numbers are softer than anticipated," said Derek Holt, head of capital markets economics at Scotiabank. "But to me it still keeps May in play for the Bank of Canada. It doesn't change the story in terms of the risks in my view."

* Shares of telecommunications company Rogers Communications RClb.TO jumped 5.3 percent and was the biggest percentage gainer on the TSX after at least two brokerages raised their price target on the stock.

* The energy sector, which accounts for close to one-fifth of the index's weight, was down 1.1 percent tracking a dip in prices of oil, one of Canada's major exports.

* Enbridge ENB.TO was down 1.2 percent, Canadian Natural Resources CNQ.TO fell 1.5 percent and Canadian Natural Resources CVE.TO lost 2 percent.

* Oil prices fell after U.S. President Donald Trump criticized OPEC and said oil prices were artificially high. O/R

* The materials sector, which includes precious and base metals miners and fertilizer companies, declined 0.4 percent as losses in gold producers weighed.

* Spot gold XAU= was down 0.6 percent at $1,336.57 an ounce.

* The TSX posted one new 52-week high and two new lows. Across all Canadian issues there were five new 52-week highs and four new lows.

* Advantage Oil & Gas AAV.TO fell 4.9 percent and was the largest decliner on the index after the oil and gas producer lowered its second-quarter natural gas production forecast.

* Among the most active Canadian stocks by volume were Aurora Cannabis ACB.TO , Baytex Energy Co BTE.TO and Crescent Pnt CPG.TO .

* Volume on the TSX index was 21.89 million shares while the total volume on Friday was 32.41 million shares.

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.