Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

TSX lower as U.S.-China trade tensions mount

Published 2019-05-09, 10:23 a/m
© Reuters.  TSX lower as U.S.-China trade tensions mount
MGA
-
GSPTSE
-
VRN
-
FNV
-
GSPTTHC
-
SPTTFS
-
GSPTTMT
-
SPTTEN
-
TSGI
-
TOY
-
ACB
-
CRON
-
FOXA
-

(Reuters) - Canada's main stock index fell on Thursday, as anxious investors awaited the outcome of U.S.-China trade talks amid signs that negotiations were turning sour as Washington readies tariffs on Chinese goods.

* Investors across the globe switched to a risk-off mode this week after President Donald Trump threatened to double down tariffs on $200 billion worth of Chinese goods on Sunday, with Washington following it up by setting a trigger on Friday. Chinese Vice Premier Liu He was heading to Washington for two days of talks, but Trump's insistence that China "broke the deal" and Beijing's response that it would retaliate against tariffs ratcheted up the stakes. In domestic data, Canada's trade deficit in March shrank slightly to C$3.21 billion ($2.38 billion) but was still the 12th largest on record, underscoring the headwinds still facing exporters. At 10:19 a.m. ET (14:19 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 89.71 points, or 0.55 percent, at 16,307.69. The index is down more than 1 percent so far this week.

* Seven of the 11 major S&P sectors were lower. The healthcare index .GSPTTHC fell 2.75 percent, dragged lower by a 8.3 percent slide in Cronos Group Inc CRON.TO after quarterly results.

* Heavyweight energy sector .SPTTEN dropped 0.9 percent and financial sector .SPTTFS slipped 0.5 percent.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, rose 0.7 percent as gold prices firmed amid flight to safer assets. GOL/

* The largest percentage gainer on the TSX was gaming company Stars Group Inc TSGI.TO , which jumped 18.2 percent after Fox Corp FOXA.O said it would buy a 5 percent stake. Franco-Nevada Corp FNV.TO gained 6.8 percent after reporting results and announcing changes at its board.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

* Toymaker Spin Master Corp TOY.TO fell 10.4 percent, the most on the TSX, and auto parts maker Magna International Inc MG.TO dropped 8.4 percent after quarterly results.

* The most heavily traded shares by volume were Aurora Cannabis Inc ACB.TO and Crescent Point Energy Corp CPG.TO .

* The TSX posted two new 52-week highs and five new lows.

* Across all Canadian issues there were four new 52-week highs and nine new lows, with total volume of 30.61 million shares.

* On the TSX, 85 issues were higher, while 150 issues declined for a 1.76-to-1 ratio to the downside, with 19.14 million shares traded.

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.