Renewable Energy

TSX slides as energy stocks hit by oil price slump

Credit: REUTERS/CHRIS HELGREN

Canada's main stock index dropped for a second day on Thursday, as prices of crude, one of the country's major exports, tumbled and pressured energy stocks.

May 23 (Reuters) - Canada's main stock index dropped for a second day on Thursday, as prices of crude, one of the country's major exports, tumbled and pressured energy stocks.

* At 9:48 a.m. ET (13:48 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 154.58 points, or 0.95%, at 16,172.77.

* Global shares slipped on Thursday as concerns grew that the China-U.S. trade conflict was fast turning into a technology cold war. MKTS/GLOB

* Meanwhile, data showed Canadian wholesale trade increased more than expected in March.

* The energy sector .SPTTEN dropped 4.1%, leading declines among the 11 major S&P sectors.

* U.S. crude CLc1 prices were down 3.8% a barrel, while Brent crude LCOc1 lost 3.2%, extending falls from the previous session amid surging U.S. crude inventories and the ongoing trade worries that weighed on the demand outlook. O/R

* The financials sector .SPTTFS slipped 0.8%. Royal Bank of Canada RY.TO and Toronto-Dominion Bank TD.TO beat analysts' estimates for quarterly profits, bolstered by strong loan growth.

* RBS shares were up 1.2% while Toronto-Dominion fell 1.7%.

* The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, edged higher. Gold prices rose as a slide in equities spurred demand for the safe-haven bullion. GOL/MET/L

* On the TSX, 49 issues were higher, while 192 issues declined for a 3.92-to-1 ratio to the downside, with 28.15 million shares traded.

* The largest percentage gainer on the TSX was Firstservice Corp FSV.TO, which jumped 4.9% after deal to buy Global Restoration Holdings. Miners Iamgold Corp IMG.TO and New Gold Inc NGD.TO rose more than 2%.

* Meg Energy Corp MEG.TO fell 7.5%, the most on the TSX. The second biggest decliner was Crescent Point Energy Corp CPG.TO, down 6.5%.

* The most heavily traded shares by volume were Stornoway Diamond Corp SWY.TO, Aurora Cannabis Inc ACB.TO.

* The TSX posted six new 52-week highs and 15 new lows.

* Across all Canadian issues there were 13 new 52-week highs and 28 new lows, with total volume of 51.21 million shares.

(Reporting by Medha Singh in Bengaluru; Editing by Sriraj Kalluvila)

((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780, outside U.S. +91 80 6749 1130; Twitter: https://twitter.com/medhasinghs; Reuters Messaging: medha.singh.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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