Canadian stocks turned negative on Tuesday due mainly to diving metals prices, even as oil prices reached their highest level in over eight months. The S&P/TSX Composite Index slipped by 132 points, or 0.6%, yesterday to settle at 20,414, as investors also turned cautious ahead of the Bank of Canada’s upcoming monetary policy event.
While nearly all key TSX sectors ended the session in red territory, the market selloff was primarily driven by heavy losses in mining, utilities, and technology stocks.
Top TSX Composite movers and active stocks
First Quantum Minerals, Pan American Silver, Capstone Copper, and Torex Gold Resources were the worst-performing TSX stocks for the day, as they plunged by at least 4.4% each.
On the flip side, NexGen Energy, Laurentian Bank of Canada, Tilray, and Energy Fuels were the top performers on the Toronto Stock Exchange, as they gained more than 4% each.
Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Manulife Financial, and TC Energy were the most active stocks on the exchange.
Top TSX stock in the news today
Enbridge’s (TSX:ENB) NYSE-listed stock tanked by more than 6% in the premarket trading session on Wednesday, indicating that its TSX-listed shares are likely to open with big losses this morning. These declines in ENB stock came a day after the Canadian energy transportation and infrastructure company announced intentions to purchase three utilities in the United States.
On September 5, Enbridge signed three separate definitive agreements with the American energy company Dominion Energy to purchase EOG, Questar, and PSNC in a deal worth about US$14 billion. With these transactions, Enbridge expects to significantly expand its presence in the U.S. utility sector by creating the largest natural gas utility franchise in North America.
TSX today
Commodity prices across the board were trading on a bearish note early Wednesday morning, pointing to a lower open for the resource-heavy main TSX index today.
Besides services and non-manufacturing purchasing managers index data from the U.S. market, Canadian investors will closely monitor the Bank of Canada’s interest rate decision and comments on the economy this morning, which could give further direction to stocks.
On the corporate events side, TSX-listed companies Transcontinental, Descartes Systems, and Alimentation Couche-Tard are expected to announce their latest quarterly results after the market closing bell on September 6.
Market movers on the TSX today
