Canada Stocks Close Lower; Momentum Turns Negative; Fortis Inc. Most Active
Canadian stocks closed lower on Monday; Most sectors were lower led down by Financial and Energy but Telecom bucked the trend of the broader tape.
Momentum on the TSX continued to point to lower prices on Monday as the MACD (moving average convergence divergence) index generated a sell signal. This occurs when the spread (the 12-day moving average minus the 26-day moving average) crossed below the 9-day moving average of the spread.
Fortis Inc. (FTS-IR.TO) was the most active share on the TSX. CIBC raised its target price on Fortis Inc. to $35 from $34.50, citing growth potential in the Canadian distribution utility following the acquisition of UNS Energy. The stock close down 0.13 percent with 6.7 million shares changing hands.