Update: TSX Little Changed as Material & Tech Stocks Fall, Energy Shares Provide Positive Offset

Shutterstock photo

Canada's main stock market was little changed Wednesday after posing modest gains early in the midweek trading session. The S&P/TSX Composite Index was off 15 points or 0.1% to close at 15,626. The TSX gained 73 points on Tuesday. Globally, risk-on trades maintained momentum amid upbeat sentiment over U.S.-China trade talks and increasing optimism that the U.S. government would not be partially shutdown at the end of this week. The Dow Jones rose 117 points while the Nasdaq added 5 points.

On the TSX, energy (+1%) led advancers as crude oil moved up to near $54 per barrel. Healthcare (+2%) was also stronger while financials were off 0.1% and materials shed 0.75% as gold prices posted a slight increase. Tech shares were the main decliner, falling 1%.

In stock news , Barrick Gold (ABX.TO) lost 3.5% as the gold giant forecasted rising costs in 2019. Teck Resources (TECK-B.TO) lost 5% after its Q4 profits missed estimates. West Fraser Timber (WFT.TO) was off 2% after missing revenue and profit expectations. Heavily traded Nemaska Lithium (NMX.TO) tumbled 37% while Encana (ECA.TO) and Cenovus Energy (CVE.TO) both gained 5% on higher oil prices . Aurora Cannabis (ACB.TO) was up 1%.

In economic news, Canada's Teranet/National Bank housing price index slipped 0.1% in January (m/m) after falling 0.3% in December. The erosion in January leaves a four month run of falling housing prices on a month comparable basis, as October fell 0.4% and November contracted 0.3%. The index slowed to a 2.2% y/y growth rate in January from 2.5% y/y in December, having run at a 8.7% y/y pace in January 2018. The report tracks the well know moderation in Canada's housing prices as the market cooling seen last year amid stricter mortgage regulations and higher rates continues into 2019.

The Canadian dollar was off by more than a tenth of a cent to 75.42 US.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Stocks

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?