Canada Stocks: TSX hits one-week low as oil slides on European lockdown fears

Enerplus

19/11/2021 15:33

Nov 19 (Reuters) - Canadian stocks fell to one-week low on
Friday weighed by energy shares after oil prices slumped as a
fresh surge in COVID-19 cases in Europe threatened to slow an
economic recovery. 
    At 10:23 a.m. ET, the Toronto Stock Exchange's S&P/TSX
composite index  .GSPTSE  fell about 0.3% to 21,572.82. 
    Global stock markets went into a tailspin after news that
Austria will become the first western European state to reimpose
a full coronavirus lockdown to tackle a new wave of infections
and signs that Germany might do the same.  urn:newsml:reuters.com:*:nL1N2SA0KQ
    The TSX energy sector  .SPTTEN  dropped 2.7% as oil prices,
one of Canada's major exports, fell on worries of a further hit
to fuel demand at a time when major economies are weighing
release of crude reserves to cool prices.  O/R 
    Shares of Enerplus Corp  ERF.TO , Crescent Point Energy Corp
 CPG.TO  and Cenovus Energy Inc  CVE.TO  were the top decliners
on the benchmark index, falling more than 5% each.  
    Friday's losses put the TSX index on course for a weekly
loss of about 1%, after strong earnings and a rally in crude
prices took it to a record high on Tuesday.
    On the bright side, Statistics Canada data indicated retail
trade is set to rise in October after doing better than expected
in September.  urn:newsml:reuters.com:*:nL1N2SA15C
    Canada also authorized the use of Pfizer Inc's  PFE.N 
COVID-19 vaccine for children aged 5 to 11, paving the way for
the inoculation of elementary school-age children across the
country.  urn:newsml:reuters.com:*:nL1N2SA17Z
    Pot producers Tilray Inc  TLRY.TO , Aurora Cannabis Inc
 ACB.TO  and Canopy Growth Corp  WEED.TO  rose between 1.6% and
4.8%, limiting losses on the main index. 
    However, shares in Air Canada  AC.TO  slipped 2% despite
saying it would not need further financial support from the
government, citing the airline's recovery from the COVID-19
pandemic.  urn:newsml:reuters.com:*:nL4N2SA2Y8
    

 (Reporting by Sruthi Shankar in Bengaluru; Editing by Amy Caren
Daniel)
 ((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6182 2787;))