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TSX drops on weak Bombardier outlook, BoC's growth forecast cut

Credit: REUTERS/Chris Helgren

Canada's main stock index fell on Thursday, hurt by a drop in Bombardier Inc's shares following a weak full-year outlook and as the Bank of Canada lowered its growth forecast for 2019.

April 25 (Reuters) - Canada's main stock index fell on Thursday, hurt by a drop in Bombardier Inc's BBDb.TO shares following a weak full-year outlook and as the Bank of Canada lowered its growth forecast for 2019.

* At 9:38 a.m. ET (1338 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 47.87 points, or 0.29 percent, at 16,538.65.

* Bombardier fell 16.1 percent after cutting its full-year profit and revenue forecast as delays in some large projects hit its dominant transportation unit that makes rail cars.

* Eight of the index's 11 major sectors were lower with the industrials sector .GSPTTIN down 0.3 percent.

* The Bank of Canada cut its growth forecast for the year, due to a slowdown in Canada's oil sector, the negative impact of global trade policies and a weaker-than-expected housing sector.

* The financials sector .SPTTFS slipped 0.4 percent, a day after the Canadian central bank held interest rates steady as expected.

* The energy sector .SPTTEN dropped 0.2 percent.

* On the TSX, 74 issues were higher, while 159 issues declined for a 2.15-to-1 ratio to the downside, with 22.25 million shares traded.

* Bombardier fell the most on the TSX followed by shares of Celestica CLS.TO, which were down 11.1 percent after reporting quarterly earnings.

* The top percentage gainers on the TSX were Ivanhoe Mines Ltd IVN.TO, which jumped 7.5 percent followed by Precision Drilling PD.TO, which rose 5.8 percent after reporting quarterly results.

* The most heavily traded shares by volume were Bombardier, Stornoway Diamond SWY.TO and Ivanhoe Mines IVN.TO.

* The TSX posted three new 52-week highs and three new lows.

* Across all Canadian issues, there were 21 new 52-week highs and eight new lows, with total volume touching 32.02 million shares.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Shinjini Ganguli and James Emmanuel)

((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780 ; Reuters Messaging: Shreyashi.Sanyal.thomsonreuters.com@reuters.net))

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

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