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TSX set to end 4-week rally as oil prices drop

Published 2019-04-26, 10:12 a/m
© Reuters.  TSX set to end 4-week rally as oil prices drop
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April 26 (Reuters) - Canada's main stock index fell on Friday and was on track to end a four-week long rally, as energy shares declined on the back of falling oil prices.

* At 9:35 a.m. ET (1335 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 33.26 points, or 0.2 percent, at 16,542.84.

* Seven of the index's 11 major sectors were lower, led by a 1.5 percent fall in energy sector .SPTTEN .

* Oil prices fell on Friday and were on track to halt a seven-week bull run amid efforts to resume Russian oil flows that were interrupted by contamination.

* U.S. crude CLc1 and Brent crude LCOc1 prices lost 1.4 percent, each. O/R

* Also pressuring the sector was a 4.5 percent drop in shares of Imperial Oil IMO.TO after the oil refiner cut its 2019 spending forecast due to extreme cold weather, production cuts enforced by Alberta's government and weak refining margins. Majority stakeholder in Imperial Oil, Exxon Mobil Corp (NYSE:XOM) XOM.N , reported first-quarter profit that missed forecasts due to lower oil and gas prices and weakness across its businesses that outweighed modest production gains. The financials sector .SPTTFS edged down 0.1 percent, while industrials .GSPTTIN fell 0.5 percent.

* The materials sector .GSPTTMT , which includes precious and base metals miners, added 0.8 percent as gold rose on Friday and the dollar fell after data suggested an acceleration of U.S. growth was driven by temporary factors that are likely to reverse in the coming quarters. GOL/

* On the TSX, 107 issues were higher, while 124 issues declined for a 1.16-to-1 ratio to the downside, with traded volume touching 11.21 million shares.

* The largest percentage gainer on the TSX was Aecon Group ARE.TO , which rose 4.9 percent after stronger-than-expected quarterly results.

* Mullen Group MTL.TO fell 6.6 percent, the most on the TSX, after multiple analysts cut their price targets on the share.

* The most heavily traded shares by volume were Bombardier BBDb.TO , Prometic Life Sciences PLI.TO and Baytex Energy Co BTE.TO .

* The TSX posted three new 52-week highs and one new low.

* Across all Canadian issues, there were 11 new 52-week highs and five new lows, with total volume touching 19.91 million shares.

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