Update: TSX Posts 4-Point Loss, Avoids Deeper Declines as Oil Prices Rise
Canada's main stock market was little changed in the midweek trading session, as oil prices rose strongly for the second straight day. The S&P/TSX Composite Index fell 4 points to close at 15,262. It was also a negative session south of the border, with the Dow losing more than 200 points.
Back on the TSX, the energy sector led advancers with a 1.8% rise as crude rose by 2%. Healthcare and materials were up 0.6% and 0.8%, respectively, while financials lost 0.8%. Tech was off 1.4%.
In stock news, Kinder Morgan Canada (KML.TO) shares lost 0.5% on reports the Alberta government may step in and buy Kinder's Trans Mountain Pipeline to keep the project (opposed by B.C.) alive. Kinder Morgan has threatened to shut down the project if no deal is reached by May 31. Heavily traded Aurora Cannabis (ACB.TO) was up 0.5% while B2Gold (BTO.TO) added 4% as gold prices rose more than 1%. TSXV-listed Hydropothecary (THCX.V) jumped 13% after reaching a deal with Quebec's liquor board. Torex Gold (TXG.TO) rose 20% after Mexico's national mining union said it will not contest worker representation at Torex Gold's El Limon-Guajes mine.
Wednesday's economic calendar was empty, keeping the focus on geopolitics and trade, including NAFTA news, of which there was very little today. But more data is due Thursday: the new housing price index is seen falling 0.1% (m/m) in February after the flat reading in January. The Teranet/National HPI for March is also due Thursday. Existing home sales (Friday) close out the week, with a 18.0% y/y decline anticipated in March following the 16.9% y/y drop in February.
The Canadian dollar gained about two-tenths of a cent at 79.55 US.
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