TSX Strives to Recover

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

Canada’s main stock index doggedly fought their way toward the breakeven point midday Monday, having hit its lowest level in nearly a month after U.S. President Donald Trump threatened to raise tariffs on China, triggering a global rout in risky assets.

The S&P/TSX Composite Index came off its lows of the morning, but still trailed 78.47 points to greet noon hour EDT at 16,415.96

The Canadian dollar peeped ahead 0.04 cents to 74.35 cents

The largest percentage gainers on the TSX were Air Canada, which jumped $1.56, or 4.6%, to $35.18, after reporting a surprise quarterly adjusted profit and port-operator Westshore Terminals Investment Corp, which rose 28 cents, or 1.4%, to $20.92, after price target lifts from brokers.

Auto parts supplier Martinrea International fell 24 cents, or nearly 2%,, the most on the TSX, to $11.96.

The second biggest decliner was construction and engineering firm SNC-Lavalin Group Inc, down 56 cents, or 1.9%, to $28.90.

ON BAYSTREET

The TSX Venture Exchange slumbered 2.64 points to 603.78

All but three of the 12 Toronto subgroups were negative, as consumer discretionary stocks sank 0.9%, energy remained negative 0.8%, and financials slid 0.6%.

The three gainers were health-care, picking up 0.9%, gold, 0.4%, brighter, and real-estate, inching up 0.1%.

ON WALLSTREET

Stocks fell on Monday after President Donald Trump said that the U.S. will hike tariffs on goods imported from China, but managed to recover a good chunk of those losses around late-morning trading.

The Dow Jones Industrials dipped 237.63 points to 26,267.32, having forfeited as much as 471 points during the morning chaos.

The S&P 500 sank 28.32 points, or 1%, to 2,917.32

The NASDAQ Composite index tumbled 84.85 points, or 1%, to 8,079.15

Google-parent Alphabet was up 0.1%, erasing an earlier decline of 1.5%.

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