CANADA STOCKS-Energy, tech shares pull down TSX

By Kitco News / November 20, 2018 / www.kitco.com / Article Link

Nov 20 (Reuters) - Canada's main stock index fell on Tuesday, driven by a plunge in energy shares on the back of a drop in oil prices, along with a rout in global markets after technology shares slipped on iPhone demand concerns.

* The energy sector dipped 2.3 percent and is on pace to post its fourth consecutive session of losses.

* The technology sector's 2.7 percent plunge also weighed on the main index.

* Signs of slowing demand for the Apple's flagship iPhones have wide-ranging implications for technology and internet companies at a time when investors are fretting over peaking corporate earnings, rising borrowing costs, and a global economy weighed down by trade tensions.

* Lower oil and a sell-off in stocks worldwide sent the Canadian dollar to its lowest in five days against a broadly stronger U.S. counterpart.

* At 10:15 a.m. ET (15:15 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 260.45 points, or 1.73 percent, at 14,810.56.

* Ten of the index's eleven major sectors were lower, led by the healthcare sector's 3.9 percent dip, hurt by declines in shares of cannabis producers.

* On the TSX, 27 issues were higher, while 216 issues declined for a 8.00-to-1 ratio to the downside, with volume touching 35.39 million shares.

* The largest percentage gainers on the TSX were Alaris Royalty, which rose 3.5 percent after the company announced an increase in annual dividends.

* Nevsun Resources Ltd, which rose 1.5 percent, was the second biggest gainer on the main index.

* First Quantum Minerals Ltd fell 6.5 percent, the most on the TSX, while the second biggest loser was Baytex Energy Corp, down 5.4 percent.

* The most heavily traded shares by volume were Bombardier B , Aurora Cannabis, and Royal Nickel.

* The TSX posted one new 52-week high and 16 new lows.

* Across all Canadian issues, there were one new 52-week high and 77 new lows, with total volume touching 57.55 million shares. (Reporting by Agamoni Ghosh Editing by James Emmanuel)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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