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TSX edges lower as materials weigh

TSX edges lower as materials weighTORONTO: Canada’s main stock index edged lower on Wednesday, as worries over rising US yields weighed on materials stocks.

At 9:47 a.m. ET (1347 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index fell 16.22 points, or 0.1 percent, to 15,460.78.

The yield on 10-year US Treasuries, a global benchmark for interest rates, rose above 3 percent, weighing on gold prices.

The materials group, which includes precious and base metals miners and fertilizer companies, edged down 0.6 percent tracking lower gold prices. The biggest drags to the index were Teck Resources which declined 3.8 percent and First Quantum Minerals, down 3 percent.

Gold was also partly hurt by a strong US dollar.

Brent crude futures dipped to $73.72 per barrel, while US West Texas Intermediate (WTI) crude futures were at $67.81 a barrel, up 0.2 pct

Five of Canada’s 10 main index sectors were in the red.

The TSX posted one new 52-week high and three new lows. Across all Canadian issues, there was one new 52-week high and 14 new lows.

The largest percentage gainer on the TSX was Arc Resources , while the largest decliner was Teck Resources.

Among the most active Canadian stocks by volume were Cenovus Energy, which declined 0.7 percent after the company posted a bigger-than-expected quarterly loss as near-full pipelines increased transportation costs and reduced profit margins.

Shares of Katanga Mining and Aurora Cannabis were also among the most actively traded on the Canadian index.

Volume on the TSX index was 16.09 million shares, while the total volume on Wednesday was 27.43 million shares.

Copyright Reuters, 2018

Source: Brecorder

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