Update: TSX Posts Modest Decline Tuesday as Weaker Crude Oil Prices Weigh on Energy Sector
Canada's main stock market declined Tuesday and gave back a portion Monday's 200+ point rally. The weakness in the index was consistent with the slippage seen in European bourses, though the overseas share markets posted larger setbacks. The S&P/TSX Composite Index was off 25 points or 0.2% to close at 15,216. U.S. markets posted modest gains, led by the Nasdaq, up 0.45%. The bounce on Wall Street gave some support to the TSX, which remains comfortably above the (intraday) year low of 14,785 seen on Friday.
Most of the TSX's sectors were in the red, including energy (-0.8%) and consumer discretionary (-0.8%). Financials were little changed, down 0.1%. Materials (+0.4) and utilities (+0.75%) were the only sectors in positive territory.
In stock news, DHX Media (DHX-B.TO) shed 0.3% after reporting a profit of $7.4 million in its latest quarter, up from $5.8 million in the same quarter a year earlier. Hydro One (H.TO) rose 0.3% after the utility's Q4 profits beat analysts' expectations. TMX Group (X.TO) gained 1% as higher-than-expected fourth-quarter profits helped offset a fall in revenues. Heavily traded Aurora Cannabis (ACB.TO) was down nearly 2% while First Quantum Minerals (FM.TO) was up 7%.
In economic news, there were no releases in Canada today. Finance Minister Morneau announced he will table the next federal budget on Feb. 27.
The Canadian dollar was down 11 basis points to 79.40 US.
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