Sunday, 15 September 2019 02:16 GMT
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TSX Negative to Start




(MENAFN - Baystreet.ca)

Canada's main stock index dropped on Wednesday, as energy shares fell due to a drop in oil prices and weak economic data from China and the United States revived fears of slowing global economic growth.



The S&P/TSX Composite Index slumped 36.71 points to kickoff the midweek session at 16,247.82



The Canadian dollar inched ahead 0.12 cents to 74.28 cents



The largest percentage gainer on the TSX was Boyd Group Income Fund, whose shares jumped $11.82, or 7.7%, to $165.07 after reporting quarterly results.



Baytex Energy fell seven cents, or 2.6%, the most on the TSX, to $2.61.



Tilray and Aurora Cannabis on Tuesday reported a surge in quarterly revenue, boosted by increased demand following the legalization of recreational cannabis in Canada.



Aurora shares lost 24 cents, or 1.1%, to $11.08.



Airline industry analysts have said billionaire Gerry Schwartz's $2.6-billion bid for WestJet Airlines is a bet his private equity firm's deep pockets and patience will help the Canadian carrier weather challenges and build a more formidable competitor against market leader Air Canada.



Moreover, JP Morgan raised the price target on Westjet to $31.00 from $20.00



Shares in WestJet garnered a nickel to $29.94.



Canaccord Genuity raised the target price on Badger Daylighting to $53.00 from $47.00. Badger shares were boosted $1.27, or 2.7%, to $47.80



Raymond James cut the target price on Storm Resources to $4.75 from $5.00. Storm shares descended seven cents, or 3.5%, to $1.91.



On the economic slate, Statistics Canada said inflation rose 2.0% on a year-over-year basis in April, following a 1.9% increase in March. On a seasonally adjusted monthly basis, the Consumer Price Index rose 0.3% in April.



Meanwhile, the Canadian Real Estate Association said Home sales recorded via Canadian MLS Systems rose by 3.6% m-o-m in April 2019.



CREA adds, after having dropped in February to the lowest level since 2012, the rebound in sales over the past two months still leaves activity slightly below readings posted over most of the second half of 2018.



ON BAYSTREET



The TSX Venture Exchange added 4.82 points to 605.61



Seven of the 12 Toronto subgroups were lower in the first hour, with health-care flagging 1.7%, while energy dipped 1.1%, and financials were poorer by 0.6%.



The five gainers were led by information technology, up 0.6%, while gold acquired 0.4%, and materials strengthened 0.3%.



ON WALLSTREET



Stocks fell on Wednesday after the release of weaker-than-expected economic data stoked fears that the U.S.-China trade war is dragging down global economic growth.



The Dow Jones Industrials dropped 26.06 points to 25,505.99, as Caterpillar and J.P. Morgan Chase lagged.



The S&P 500 shed 3.18 points to 2,831.23, as the tech and financials sectors underperformed.



The NASDAQ Composite gained 14.4 points to 7,748.89



Dow member Caterpillar and Deere, which are seen as global trade bellwethers, both fell more than 1%. Semiconductor shares fell broadly. Pullbacks in Micron Technology and Nvidia also weighed on things.



Morgan Stanley fell more than 2% to lead bank shares lower while Citigroup, J.P. Morgan Chase and Goldman Sachs all dropped at least 1%.



U.S. retail sales fell 0.2% in April, the Commerce Department said Wednesday. Economists polled by Dow Jones expected an increase of 0.2%.



Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 2.38% from Tuesday's 2.41%. Treasury prices and yields move in opposite directions.



Oil prices faded 42 cents to $61.36 U.S. a barrel.



Gold prices moved higher $4.20 to $1,300.50 U.S. an ounce.

























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TSX Negative to Start

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