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TSX falls due to losses in financial stocks

TSX falls due to losses in financial stocksTORONTO: Canada’s main stock index slipped lower on Tuesday due to losses in financial stocks led by Bank of Nova Scotia , which reported quarterly results.

At 9:44 a.m. ET (1344 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 51.75 points, or 0.32 percent, at 15,964.39.

The financials sector fell 1.1 percent, dragged by a 3 percent fall in shares of Bank of Nova Scotia.

Shares of Toronto-Dominion Bank slipped 0.9 percent and were the second biggest drag to the financials.

The industrials sector fell 0.4 percent, weighed down by the 0.9 percent decline in freight and logistics company Canadian National Railway Co’s and 2.2 percent fall in planemaker Bombardier Inc.

Six of the index’s 11 major sectors were lower, pressured by the heavyweight financial sector.

President Donald Trump is running out of time to deliver a revamp of NAFTA deal he promised for this year.

The energy sector climbed 1.1 percent as Brent crude pared losses, triggered by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall.

The materials sector, which includes precious and base metals miners, added 0.6 percent after gold prices edged up as a deepening political crisis in Italy provoked a second day of heavy selling on European financial markets

On the TSX, 103 issues were higher, while 139 issues declined for a 1.35-to-1 ratio to the downside, with 16.22 million shares traded.

Shares of Kinder Morgan Canada Ltd were up 2.8 percent after the Canadian government said it will buy the Trans Mountain pipeline project for C$4.5 billion ($3.5 billion).

The Canadian dollar weakened to a more than two-month low against its US counterpart as oil prices fell and the greenback broadly rose, while investors weighed a decision by Canada’s government to purchase a major oil pipeline project.

The largest percentage gainers on the TSX was oil producer Crescent Point, which jumped 6.4 percent after CEO Scott Saxberg left the company.

Bank of Nova Scotia was the biggest percentage loser on the TSX, followed by Hudson’s Bay Co, which fell 0.2 percent.

The most heavily traded shares by volume were Crescent Point, Bombardier Inc and Canopy Growth Corp.

The TSX posted no new 52-week highs and no new lows.

Across all Canadian issues there were 7 new 52-week highs and 7 new lows, with total volume of 24.96 million shares.

Copyright Reuters, 2018

Source: Brecorder

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