TSX slips as oil prices retreat from six-week highs
- The Canadian economy grew by 0.4% in February as retail trade rebounded after lockdown measures were eased across parts of the country, Statistics Canada said. A flash estimate showed GDP jumping 0.9% in March.
- Toronto Stock Exchange's S&P/TSX composite index was down 40.62 points, or 0.21%, at 19,215.3.
Canada's main stock index fell on Friday after oil prices slipped on demand concerns, while investors showed scant reaction to data that signalled the country's economy likely grew in March by 0.9% on-month.
Pulling risk appetite lower was the drop in oil prices amid profit-taking as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a bullish outlook on summer fuel demand and the economic recovery.
The Canadian economy grew by 0.4% in February as retail trade rebounded after lockdown measures were eased across parts of the country, Statistics Canada said. A flash estimate showed GDP jumping 0.9% in March.
At 9:48 a.m. ET (1348 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 40.62 points, or 0.21%, at 19,215.3.
Five of the index's 11 major sectors traded lower, led by the IT sector, while the healthcare sector was the biggest gainer.
The energy sector dropped 0.2% as crude prices retreated.
The financials sector slipped 0.4%, while the industrials sector rose 0.1%.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.1% as gold futures rose 0.2% to $1,771.8 an ounce.
On the TSX, 113 issues were higher, while 109 issues declined for a 1.04-to-1 ratio favouring gainers, with 17.66 million shares traded.
The largest percentage gainers on the TSX were Aurinia Pharmaceuticals, which jumped 8.1% and Restaurants Brands International, which rose 3.1% after its quarterly results topped estimates, as a reopening US economy and government stimulus checks boosted spending at the company's Burger King chain.
Meg Energy Corp fell 2.6%, the most on the TSX, followed by Sunopta Inc, down 2.2%.
The most heavily traded shares by volume were B2Gold Corp , up 0.3%; Baytex Energy Co, down 1.3% and Bank Of Montreal, down 0.1%.
The TSX posted seven new 52-week highs and no new lows.
Across all Canadian issues, there were 24 new 52-week highs and three new lows, with total volume of 34.65 million shares.
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