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Markets

TSX falls off record high as oil slump hits energy stocks

  • Toronto Stock Exchange's S&P/TSX composite index was down 94.4 points, or 0.46%, at 20,381.02
  • The financials sector slipped 0.3%. The industrials sector fell 0.1%
Published August 9, 2021

Canada's main stock index fell from record highs on Monday, with the heavyweight energy sector leading losses as rising COVID-19 cases stoked concerns over crude demand, driving oil prices 4% lower.

At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 94.4 points, or 0.46%, at 20,381.02.

The energy sector dropped 1.9% as oil prices plummeted on concerns that rising COVID-19 cases, particularly in major importer China, could lead to new restrictions and dent fuel demand.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1% as concerns over Chinese demand hit base metal prices, while a rising dollar hurt precious metals.

Defensive sectors such as real estate and consumer staples were among the few gainers.

The financials sector slipped 0.3%. The industrials sector fell 0.1%.

Oil slides 4% on China virus curbs and strong dollar

On the TSX, 50 issues advanced, while 178 issues declined in a 3.56-to-1 ratio favoring losers, with 19.35 million shares traded.

The largest percentage gainer on the TSX was WPT Industrial Real Estate Investment Trust, which jumped 15.1% after private equity firm Blackstone agreed to buy the company for $1.86 billion.

Westport Fuel fell 7.0%, the most on the TSX, while the second biggest decliner was Lightspeed Pos Inc , down 6.3%.

The most heavily traded shares by volume were Enbridge Inc, Manulife Financial and Bombardier Inc .

The TSX posted four new 52-week highs and three new lows.

Across Canadian issues, there were 48 new 52-week highs and 11 new lows, with total volume of 34.68 million shares.

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