CANADA STOCKS-TSX flat as energy drag offsets gains in materials, tech

  • 12/16/2020
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Dec 16 (Reuters) - Canada’s main stock index treaded waters on Wednesday as investors weighed weakness in energy shares against gains in the materials and technology sectors and hopes of fresh U.S. stimulus. * At 10:08 a.m. ET (1508 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 4.03 points, or 0.02%, at 17,510.51. * The energy sector dropped 1.6% as U.S. crude prices were down 0.3% a barrel, while Brent crude lost 0.3%. * The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.9% and technology sector gained 0.68%. * The gains in the materials sector was led by Labrador Iron Ore Royalty Corp and SilverCrest Metals Inc both up 4.2%. * Canada’s annual inflation rate accelerated to 1.0% in November, beating analyst expectations on higher shelter prices as rents climbed and home replacement costs increased, Statistics Canada said. * On the TSX, 94 issues were higher, while 124 issues declined for a 1.32-to-1 ratio to the downside, with 40.97 million shares traded. * Air Canada fell 7.7%, the most on the TSX, after the airlines announced the pricing of its public offering of shares. The second-biggest decliner was marine port service provider Westshore Terminals Investment Corp, down 3.8%. * The most heavily traded shares by volume were Air Canada, BCE Inc and National Bank of Canada. * The TSX posted five new 52-week highs and no new lows. * Across all Canadian issues, there were 39 new 52-week highs and one new low, with total volume of 42.50 million shares. (Reporting by Amal S in Bengaluru; Editing by Maju Samuel)

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