Stocks Try to Recovery from Trump Trauma

May 31, 2019 (Baystreet.ca via COMTEX) —

Stocks in Toronto came off sharp morning lows by midday Friday, as energy shares were hit by a more than 2% drop in oil prices following U.S. President Donald Trump’s shock threat of tariffs on Mexico.

The S&P/TSX Composite Index remained negative 59.64 points to greet noon at 16,029.60

The Canadian dollar fell 0.13 cents to 73.97 cents U.S.

The largest percentage gainers on the TSX were Yamana Gold, up 15 cents, or 6%, to $2.66, and Iamgold, advancing 12 cents, or 3.7%, to $3.33.

BRP fell $1.57, or 3.8%, the most on the TSX, to $40.22, while the second-biggest decliner was Nuvista Energy, down 11 cents, or 3.7%, to $2.90.

On the economic calendar, Statistics Canada reported that Canada’s economy made its way upward during March. Gross Domestic Product grew 0.1% in the first quarter, the same growth rate as the fourth quarter of 2018.

Real gross national income rose 0.9%, largely because of higher export prices of crude oil and crude bitumen.

Elsewhere, the agency’s industrial product price index rose 0.8% in April, driven mainly by higher prices for energy and petroleum products, while the raw materials price index increased 5.6%, primarily on the strength of higher crude energy product prices.

ON BAYSTREET

The TSX Venture Exchange slipped 2.6 points to 599.90.

Eight of the 12 Toronto subgroups were lower by noon, as health-care stocks tumbled 1.8%, while financials ditched 0.9%, and consumer discretionary stocks let go of 0.9%

The four gainers were led by gold, up 3.5%, materials, ahead 2.1%, and utilities, eking up 0.1%.

ON WALLSTREET

Stocks fell on Friday as investors feared President Donald Trump’s surprise threat of tariffs on all Mexico imports, amid a worsening trade war with China, could risk sending the U.S. economy into a

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