Canada Stocks: Toronto shares flat as losses in financials offset energy gains

Athabasca Oil

07/12/2023 15:13

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      TSX down 0.1%
    

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      Athabasca Oil jumps on brokerage upgrades
    

  
 (Updated at 9:48 a.m. ET/ 1450 GMT)
    By Shashwat Chauhan
       Dec 7 (Reuters) - Canada's main stock index was trading
flat on Thursday, as gains in energy shares from higher crude
oil prices were offset by losses in heavyweight financials,
while investors braced for more U.S. jobs data during the week.
    At 9:48 a.m. ET (1448 GMT), the Toronto Stock Exchange's
S&P/TSX composite index  .GSPTSE  was down 12.77 points, or
0.06%, at 20,261.44. Wall Street, on the other hand, had an
upbeat start to the session.  .N 
    Energy stocks  .SPTTEN  advanced 0.2%, tracking higher crude
oil prices, while utilities  .GSPTTUT  extended gains from the
previous session, rising 0.2% a day after the BoC's latest
decision to hold rates steady.
    Keeping a lid on gains, telecom stocks  .GSPTTTS  fell 0.3%
after rising for five straight sessions, while heavyweight
financials  .SPTTFS  eased 0.2%, on track to snap a six-day
winning streak.
    Across the border, data showed the number of Americans
filing new claims for unemployment benefits increased less than
expected last week as the labor market continues to gradually
slow amid cooling demand.
    "We think the claims data, along with other recent labor
market statistics, are consistent with a job market that is
cooling enough to rule out further rate hikes, but still healthy
enough to preclude rate cuts from consideration any time soon,"
said Nancy Vanden Houten, lead US economist at Oxford Economics.
     Focus would now shift to the more comprehensive November
non-farm payrolls report due on Friday to gauge the state of the
labor market in the world's biggest economy.
    The market will also be watching BoC Deputy Governor Toni
Gravelle speak later in the day at the Windsor-Essex Regional
Chamber of Commerce. 
    Among individual stocks, Athabasca Oil  ATH.TO  gained 6.7%
after atleast two brokerages upgraded their rating on the stock.


 (Reporting by Shashwat Chauhan in Bengaluru;Editing by Ravi
Prakash Kumar)
 ((Shashwat.Chauhan@thomsonreuters.com;))