US Markets

TSX snaps two-session winning streak as energy shares weigh

Credit: REUTERS/CHRIS HELGREN

Canada's main stock index dropped after two straight sessions of gains on Tuesday, as energy shares mirrored a drop in oil prices on persisting concerns over demand.

Updates prices, adds background

Aug 20 (Reuters) - Canada's main stock index dropped after two straight sessions of gains on Tuesday, as energy shares mirrored a drop in oil prices on persisting concerns over demand.

* At 9:53 a.m. ET (1353 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 72.03 points, or 0.44%, at 16,232.02.

* Seven of the index's 11 major sectors were lower with a 0.6% fall in the energy sector .SPTTEN leading losses.

* U.S. crude CLc1 prices were down 0.3% and Brent crude LCOc1 0.4%.

* Oil prices reversed earlier gains in session to trade lower as worries over demand lingered, however hopes that major economies will take stimulus measures to stave off a potential recession kept a check on losses. O/R

* The financials sector .SPTTFS slipped 0.3% and the industrials sector .GSPTTIN 0.5%.

* The materials sector .GSPTTMT, which includes precious metals, added 0.2% after gold prices rose back above $1,500 an ounce as investors switched focus to the minutes of the U.S. Federal Reserve's last meeting, which will be closely watched for clues on further interest rate cuts. GOL/MET/L

* Data showed Canadian home prices climbed for a third straight time in July, rising 0.7% from June, but the index was lower than the month's 21-year average.

* On the TSX, 79 issues were higher, while 149 issues declined for a 1.89-to-1 ratio to the downside, with 8.96 million shares traded.

* The biggest percentage gainers on the TSX were Peyto Exploration & Development Corp <PEY.TO>, which jumped 2.1%, followed by shares of Canopy Growth <WEED.TO>, which rose 2.1%.

* CannTrust Holdings Inc <TRST.TO> fell 3.4%, the most on the TSX, closely followed by SNC-Lavalin <SNC.TO>, which fell 2.9%.

* The most heavily traded shares by volume were those of Bombardier <BBDb.TO>, Black Iron Inc <BKI.TO> and Encana Corp <ECA.TO>.

* The TSX posted six new 52-week highs and no new low.

* Across all Canadian issues there were 11 new 52-week highs and five new lows, with total volume of 15.60 million shares.

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

((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780 ;))

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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