Canadian Market Remains Weak; Energy Stocks Move Higher
(RTTNews) - Canadian stock market's benchmark S&P/TSX Composite Index drifted lower on Monday, weighed down by losses in materials and consumer discretionary sectors. Thanks to higher oil prices, energy stocks gained significant ground, limiting market's downside.
The mood in the market remained cautious amid uncertainty about U.S. and Iran holding another round of discussions to end the conflict in the Middle East. Also, investors looked ahead to the monetary policy announcement from central banks, including the Federal Reserve, Bank of Canada, European Central Bank, Bank of England and the Bank of Japan.
The S&P/TSX Composite Index was down 99.16 points or 0.29% at 33,804.95 a little while ago.
B2Gold Corp dropped nearly 9%. Torex Gold Resources shed nearly 4%. Ballard Power Systems, BRP, Aritzia, Osisko Gold Royalties, Lundin Gold, Maple Leaf Foods, Kinross Gold Corp., Endeavour Mining, Fortuna Silver Mines, Dundee Precious Metals, Restaurant Brands International, Alamos Gold and Fairfax Financial lost 2%-3%.
Several stocks from the energy sectors moved up sharply as oil prices jumped nearly 2.5%. Arc Resources soared 21%. Kelt Exploration surged 11.5%. Advantage Oil & Gas, Birchcliff Energy, Tourmaline Oil Corp., Whitecap Resources, Baytex Energy, Interfor and Peyto Exploration gained 3%-7%.
BlackBerry, Aecon, Paramount Resources, Parex Resources, Chemtrade Logistics, SNC Lavalin and Martinrea International also posted strong gains.
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