TSX punished Tuesday

Sep 04, 2018 (Baystreet.ca via COMTEX) —

Canada’s main stock index got bruised Tuesday, after Canada failed on Friday to reach a deal with the United States to revamp the North American Free Trade Agreement.

The S&P/TSX Composite Index tumbled 101.58 points to close Tuesday at 16,161.30

The Canadian dollar slouched 0.48 cents to 75.9 cents.

Tahoe Resources fell 97 cents, or 21.6%, the most on the TSX, to $3.52, after Guatemala’s highest court upheld the suspension of licenses at Tahoe’s Escobal mine, one of the world’s biggest silver mines, and at the company’s smaller Juan Bosco mine.

The second biggest decliner was First Quantum Minerals, which fell $1.02, or 6.2%, to $15.35.

Golds sank sharply, as Goldcorp doffed 63 cents, or 4.5%, to $13.47, while Kinross Gold fell 15 cents, or 3.9%, to $3.75.

In the energy patch, Imperial Oil slid 34 cents to $40.33, while Suncor subsided 92 cents, or 1.7%, to $52.80.

The largest percentage gainers and most heavily traded stocks on the TSX were cannabis companies. Canopy Growth Co jumped $9.06, or 15.2%, to $68.70, and Aphria Inc. rose $1.56, or 9.2%, to $18.54.

Among tech stocks, BlackBerry gained 12 cents, or $14.01, while Shopify grew $2.74, or 1.4%, to $192.60.

U.S. President Donald Trump on Friday notified Congress of his intent to sign a bilateral deal with Mexico, after contentious talks with Canada ended without a deal to revamp NAFTA.

On the economic beat, the seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index dropped fractionally to 56.8 in August, from 56.9 in July, to signal the weakest overall improvement in business conditions since May.

The agency goes on to say slower new business growth was the main factor weighing on the headline index in August. Nonetheless, the latest reading remained well above the long-run

Read More Here...

Bookmark the permalink.