Canada Stocks: TSX ends lower as Chinese data weighs on commodity prices

Bausch Health Companies

17/07/2023 21:26

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      TSX ends down 0.2% at 20,226.79
    

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      Energy declines 1%; oil settles 1.7% lower
    

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      Parex Resources falls 7.6%
    

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      Bausch Health Companies jumps 9.8%
    

  
 (Updated at market close)
    By Fergal Smith
       July 17 (Reuters) - Canada's commodity-linked main stock
index edged lower on Monday as weaker-than-expected Chinese
economic data dragged materials and energy stocks down.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended down 35.28 points, or 0.2%, at 20,226.79.
    China's gross domestic product (GDP) grew 6.3% year-on-year
in the second quarter, compared with analyst forecasts of 7.3%,
raising doubts over the strength of demand in the world's second
biggest oil consumer.
    "Oil won't catch a bid unless China finally unleashes
meaningful stimulus that propels large parts of the economy,"
Edward Moya, a senior market analyst at OANDA, said in a note.
    Oil  CLc1  settled 1.7% lower at $74.15 a barrel, while the
energy sector, which accounts for 18% of the TSX's weighting,
ended 1% lower.
    It was weighed by a 7.6% decline in the shares of Parex
Resources Inc  PXT.TO  after the company said it has abandoned
the Chirimoya exploration well in Colombia after finding no
signs of economic hydrocarbons.
    The materials group, which includes precious and base metals
miners and fertilizer companies, lost 0.2%, while utilities was
down nearly 1%.
    Health care was a bright spot, rising 3.6%. It was boosted
by a gain of 9.8% for the shares of Bausch Health Companies Inc,
posting its highest closing level in four months.

 (Reporting by Fergal Smith in Toronto and Siddarth S in
Bengaluru; Editing by Shilpi Majumdar and Alistair Bell)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446;))