TSX falls as lower oil prices weigh on energy shares
- The energy sector fell 3.2%, with Cenovus Energy Inc and Crescent Point Energy Corp leading the declines with a drop of 5.3% and 3.7%, respectively.
- Toronto Stock Exchange's S&P/TSX composite index was down 50 points, or 0.25%, at 20,231.46.
Canada's main stock index reversed course to inch lower on Tuesday, as a drop in energy shares on weaker oil prices offset gains in miners.
The energy sector fell 3.2%, with Cenovus Energy Inc and Crescent Point Energy Corp leading the declines with a drop of 5.3% and 3.7%, respectively.
Oil prices fell more than a percent, having hit multi-year highs earlier in the session after OPEC+ producers clashed over plans to raise supply to meet rising global demand.
At 9:39 a.m. ET (13:39 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 50 points, or 0.25%, at 20,231.46.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.5% as gold futures rose 1.4% to $1,808 an ounce.
The largest percentage gainers on the TSX were gold miners Centerra Gold Inc and NovaGold Resources Inc, rising 4.2% and 3.9%, respectively.
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Official data from Toronto Regional Real Estate Board showed that home sales across Toronto inched down in June from the prior month as market activity continued to ease from the record levels reached in March.
The financials sector slipped 0.4%. The industrials sector was unchanged.
On the TSX, 80 issues were higher, while 143 issues declined for a 1.79-to-1 ratio to the downside, with 18.29 million shares traded.
The most heavily traded shares by volume were Bank of Nova Scotia, Toronto-Dominion Bank, and Bombardier Inc.
Energy, mining lift TSX as investors look past dismal economic data
The TSX posted five new 52-week highs and no new lows.
Across all Canadian issues there were 53 new 52-week highs and six new lows, with total volume of 36.57 million shares.
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