CANADA STOCKS-TSX trades flat with Fed speakers in focus

  • 6/22/2021
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(Adds details, updates prices) June 22 (Reuters) - Canada’s main stock index traded flat on Tuesday as investors looked to the upcoming speeches from U.S. Federal Reserve officials after the central bank’s hawkish tilt last week weighed on risk-driven assets. * At 9:42 a.m. ET (13:42 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 16.02 points, or 0.08%, at 20,172.38. * All eyes are on the U.S. central bank, after the Fed last week signaled a potentially tougher stance on inflation and shifted projections for its first two rate hikes into 2023, sparking a selloff in global stocks. * But strength in commodity prices, as well as renewed buying into technology stocks, had seen the TSX scale record highs last week. * The heavyweight energy sector dropped 1.2% as U.S. crude prices were down 0.3% a barrel, while Brent crude lost 0.2%. * The financials sector slipped 0.1%. The industrials sector rose 0.3%. * Fertilizer maker Nutrien rose 2% after it outlined plans to increase potash output in the wake of European Union sanctions on Belarus. * On the TSX, 93 issues were higher, while 130 issues declined for a 1.40-to-1 ratio to the downside, with 21.25 million shares traded. * The largest percentage gainers on the TSX were Ballard Power, which jumped 2.7% receiving a follow-on order for fuel cells, and Alimentation Couche-Tard, which rose 2.5%. * Kinross Gold fell 4.7%, the most on the TSX, while the second biggest decliner was Endeavour Silver, down 2.8% as precious metal prices slipped on the Fed’s recent hawkish tilt. * The most heavily traded shares by volume were Canadian Natural Resources, Power Corporation of Canada , and Kinross Gold. * The TSX posted 5 new 52-week highs and 2 new lows. * Across all Canadian issues, there were 35 new 52-week highs and 25 new lows, with total volume of 39.28 million shares. Reporting by Ambar Warrick in Bengaluru; Editing by Sriraj Kalluvila and Krishna Chandra Eluri Our Standards: The Thomson Reuters Trust Principles.

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