TSX dips as financial stocks fall

Reuters

Published Dec 10, 2019 10:48

TSX dips as financial stocks fall

(Reuters) - Canada's main stock index fell on Tuesday, pressured by a fall in financial companies as Canada's banking regulator raised the minimum capital requirement for 'systemically important' banks.

** The rule will be effective April 30 and will be applicable to banks such as Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank.

** Their shares fell between 0.1% and 0.5%, while the broader financial sector slipped 0.5%.

** Limiting losses in markets was a report that said the trade negotiators from the United States and China were planning to delay a fresh round of tariffs set to kick in on Dec. 15.

** At 9:54 a.m. ET (1454 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 25.99 points, or 0.15%, at 16,924.86.

** Healthcare stocks tumbled 1.4% on Tuesday, after rallying in the previous session.

** The most heavily traded shares by volume were Aurora Cannabis, Canopy Growth Co and Western Forest Products Inc.

** Ballard Power Systems Inc dropped 7.3%, the most on the TSX. The company signed a product development agreement with HDF Energy.

** The materials sector gained 0.2% as gold futures rose 0.5% to $1,466.9 an ounce. [GOL/]

** Canada, Mexico and the United States have reached an agreement on a new North American free trade deal and they will sign it on Tuesday, but the pact still needs the approval of U.S. and Canadian lawmakers, Mexico's president said.

** The largest percentage gainers on the TSX were Oceanagold Corp, which jumped 2.6% and Gran Tierra Energy, which rose 2.1%, after it announced 2020 guidance update.

** On the TSX, 108 issues were higher, while 115 issues declined for a 1.06-to-1 ratio to the downside, with 21.51 million shares traded.

** The TSX posted 10 new 52-week highs and one new low.