TSX Stays in Red

Jun 12, 2019 (Baystreet.ca via COMTEX) —

Equities in Canada’s largest market fell by noon on Wednesday as crude prices dropped more than 2% on a weaker outlook for demand and a rise in U.S. crude inventories.

The S&P/TSX Composite Index remained negative 28.9 points to greet noon at 16,219.86

The Canadian dollar faded 0.04 cents to 75.25 cents U.S.

The largest percentage gainer on the TSX was Cascades, which jumped 91 cents, or 10.2%, to $9.84 after TD Securities upgraded its to “buy” from “hold”.

West Fraser Timber rose $3.29, or 5.7%, among the top gainers, to $61.09.

Oil producer Encana Corp fell 34 cents, or 5%, the most on the TSX, to $6.48, while the second biggest decliner was First Quantum Minerals, down 16 cents, or 1.4%, to $10.93.

ON BAYSTREET

The TSX Venture Exchange nicked up 0.82 points to break for lunch to 590.14

Eight of the 12 Toronto subgroups were positive midday, as gold towered 1.9%, materials captured 1.2%, and communications strengthened 0.7% each.

The four laggards were weighed most by health-care, waning 1.9%, energy, skidding 1.4%, and financials, down 0.8%.

ON WALLSTREET

Stocks fell for a second day on Wednesday as Wall Street took a pause following a strong rally to kick off June.

The Dow Jones Industrial Average faltered 69.97 points to 25,978.54

The S&P 500 was down 9.2 points at 2,876.52.

The NASDAQ Composite slid 39.96 points to 7,782.61.

Chipmakers contributed to the decline. Lam Research lost 5%. Applied Materials, KLA-Tencor and Teradyne also fell. Semiconductor stocks were pressured after an Evercore ISI analyst said a recovery in the space will likely be pushed back to the second half of 2020.

Bank shares fell along with Treasury yields. Citigroup dropped 0.8% while J.P. Morgan Chase gave back 1%, and Bank of America slid

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