Canada Stocks: TSX slips as energy shares decline

BlackBerry

10/09/2024 15:36

(Updated at 10:21 a.m. ET/ 1421 GMT)
    By Nikhil Sharma
       Sept 10 (Reuters) - Canada's main stock index fell on
Tuesday as energy shares slid, while investor caution ahead of
U.S. inflation data also weighed on the overall losses.
    At 10:08 a.m. ET (14:08 GMT), the S&P/TSX composite index
 .GSPTSE  was down 148.94 points, or 0.65%, at 22,878.21.
    At least nine major sectors on the index nursed losses.
    Energy shares  .SPTTEN  led the sectoral losses with a 3%
fall, as oil prices edged lower on a weaker demand outlook and
global oil oversupply risks.  O/R 
    A bigger driver of the overall market loss was Wall Street,
where the S&P 500 index  .SPX  was marginally down as investors
awaited U.S. inflation data and signals on how far and fast the
Federal Reserve will cut rates. 
    Money markets unanimously see the Fed's first rate cut this
cycle at the Sept. 18 policy meeting.    
    Lagging shares on the TSX were Methanex Corp  MX.TO , down
4.5%, Baytex Energy Corp  BTE.TO , down 3.4%, and Precision
Drilling Corp  PD.TO , down 3%.
    The leading shares were Kinross Gold Corp  K.TO , up 2.5%,
and Aya Gold & Silver Inc  AYA.TO , up 2.3%.
    Sixty-two issues rose and 160 fell on the index as a
0.4-to-1 ratio favored decliners. There were 10 new highs and
eight new lows, with total volume of 30.5 million shares.
    The most heavily traded shares by volume were Canadian
Natural Resources Ltd  CNQ.TO , Suncor Energy Inc  SU.TO  and
Baytex Energy Corp  BTE.TO .
    West Texas Intermediate crude futures  CLc1  fell 3.26%, or
$2.27, to $66.44 a barrel. Brent crude  LCOc1  fell 3.08%, or
$2.21, to $69.63  O/R 
    The TSX is up 9.3% for the year.

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya
Biswas)
 ((Nikhil.Sharma@thomsonreuters.com;))