Update: TSX Sheds 88 Points as Materials & Energy Sectors Decline; Cannabis Stocks Also Weaker
Canada's main stock market shed Monday's gains (exactly) that saw the index hit its best level in a month. Trade was again a focal point with Foreign Minister Freeland visiting Washington after the U.S. and Mexico reached a deal Monday. The S&P/TSX Composite Index was down 88 points or 0.5% to close at 16,355. The TSX gained 88 points on Monday. U.S. stocks were modestly positive in a low volume trading day.
Healthcare led decliners on the TSX while energy and materials were also weaker, by about 1%. Financials posted a modest loss. Consumer discretionary and tech were in the green.
In commodities, oil lost 0.5% to US$68.53 an ounce while gold was down a modest 0.1% to US$1214.40 per ounce. Silver was also weaker while copper gained ground.
In stock news, Thomson Reuters (TRI.TO) was up 3% after launching a $9 billion share buyback. The media company said it would complete the sale of a majority stake in its Financial & Risk unit to Blackstone Group on Oct. 1. Scotiabank (BNS.TO) was off 2% after its profits slipped compared with the prior year. Bank of Montreal (BMO.TO) outshone rival Bank of Nova Scotia, posting third-quarter earnings that came in ahead of market expectations. BMO shares were little changed, rising 0.1%. Cannabis stocks were weaker, including heavily traded Aurora Cannabis (ACB.TO), down 7% and Aphria (APH.TO), off 2.5%. Canopy Growth (WEED.TO) shed 7%.
There were no economic reports today in Canada. The latest current account report is due Wednesday from Statistics Canada, followed by Q2 and June GDP on Thursday.
The Canadian dollar gained nearly a fifth of a cent to 77.30 US on renewed hopes of a new NAFTA agreement.
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