TSX turns negative as recession fears outweigh energy boost


April 3 (Reuters) - Canada's main stock index gave up early gains to trade lower on Friday, as fears of a deep recession fueled by the coronavirus pandemic overshadowed gains in energy stocks boosted by higher oil prices.

* Canada faces "a critical week" in fighting the coronavirus, a senior official said, as the death toll surged to 161 from 105 on Wednesday, while positive cases rose to 11,131 from 9,017.

* At 9:51 a.m. ET (1351 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 40.98 points, or 0.31%, at 13,056.86. The index had opened about 0.3% higher.

* The main index is set to end the week 3% higher and mark its second straight week of gains.

* The energy sector .SPTTEN climbed 1.4%, as oil prices continued to gain on rising hopes of a new global deal to cut global crude supply. O/R

* U.S. crude CLc1 prices were up 7.2% a barrel, while Brent crude LCOc1 added 12.2%. O/R

* Six of the index's 11 major sectors were lower. The financials sector .SPTTFS slipped 0.6% and the industrials sector .GSPTTIN fell 0.8%.

* The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, added 0.4% as gold futures eked out gains. GOL/MET/L

* On the TSX, 88 issues were higher, while 141 issues declined for a 1.60-to-1 ratio to the downside, with 43.00 million shares traded.

* The largest percentage gainers on the TSX were shares in Crescent Point CPG.TO, which jumped 16.5%, followed by MEG Energy Corp MEG.TO, which rose 15.7%.

* Genworth MI Canada MIC.TO fell 9%, the most on the TSX, followed by Chemtrade Logistics CHE_u.TO, down 6.3%.

* The most heavily traded shares by volume were Crescent Point, Cenovus Energy CVE.TO and Baytex Energy Co BTE.TO.

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

* Across all Canadian issues there were one new 52-week high and six new lows, with total volume of 69.16 million shares.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Amy Caren Daniel)


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


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.