TSX Holds its Own by Noon

Feb 06, 2019 (Baystreet.ca via COMTEX) —

Canada’s main stock index found its way into the green by noon on Wednesday, after a fall in oil prices dragged the energy sector lower and Bank of Canada’s comment that U.S. trade policies were holding back Canadian investments weighed on the market sentiment.

The S&P/TSX Composite Index gained 20.72 points midday to 15,723.41

The Canadian dollar fell 0.37 cents to 75.81 cents U.S.

The largest percentage gainer on the TSX proved to be ATS Automation Tooling Systems Inc, which surged $2.05, or 12.7%, to $18.26, after the company’s quarterly results topped expectations.

Aphria Inc fell 98 cents, or 7%, to $13.09, the most on the TSX, after rejecting a hostile takeover bid from U.S. cannabis retailer Green Growth Brands Inc, saying the offer significantly undervalued the company.

The second biggest decliner was fellow cannabis firm, Canopy Growth Co, down $3.40, or 5.3%, to $60.36.

On the economic docket, Statistics Canada reported that Canadian municipalities issued $8.8 billion worth of building permits in December, up 6.0% from November and the fourth consecutive monthly increase.

The gain was largely due to higher construction intentions for multi-family dwellings and commercial buildings, with both components hitting record highs.

Western University’s IVEY School of Business presents its Purchasing Managers Index for January. The PMI measured 54.7 last month, down sharply from the 59.7 issued in December, and off from the 55.2 in January 2018

A deputy governor of the Bank of Canada said despite strong economic fundamentals, uncertainty over the U.S. trade policies is temporarily slowing growth.

ON BAYSTREET

The TSX Venture Exchange gave back 6.73 points to 613.90

Eight of the 12 TSX subgroups remained positive by noon, as consumer discretionary stocks took on 0.7%, while materials improved 0.5%, and utilities gained 0.4%.

The four laggards

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