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Energy Stocks Plunge on Canada’s Index Over Coronavirus Surge

The pandemic just won’t stop its forward march. No wonder that energy stocks have plunged on Canada’s main stock index.

Oil prices, in particular have tumbled in the face of new travel restrictions in Europe that will no doubt cause a slower fuel-demand recovery.

Highlights of recent events: the energy sector dipped 3.7%, as both U.S. crude and Brent crude fell about 4.2%. Meanwhile, the Toronto Stock Exchange’s S&P/TSX composite index dipped 159.54 points or 0.91% to reach 17,375.0, descending to its lowest level over the last several weeks.

Who were the losers? Vermilion Energy Inc, an oil producer, fell 6.8%. This is the greatest decline for the sector on the TSX. It is followed by Air Canada. Looking at the materials sector consisting of precious and base metals miners and fertilizer companies, we see a loss of 0.2% as gold futures slipped.

Of note, the TSX posted no new 52-week high and no new low. In fact, across Canadian, there were 18 new 52-week highs and three new lows, with a total volume of 54.19 million shares. Specifically, with 21.40 million shares traded, 45 issues were higher, while 174 showed a 3.87-to-1 ratio on the downside.

There was at least one gainer on the TSX. The good news was for Great Canadian Gaming Corp, which surged 17%, after the casino operator announced its acquisition by Apollo Global Management due to its increased purchase price.

Great Canadian’s gains were followed by gold miner, New Gold Inc , which climbed 2.8%. Finally, the most heavily traded shares by volume were Baytex Energy Co, Air Canada and Suncor Energy Inc.

Source: https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-falls-as-energy-stocks-plunge-on-coronavirus-concerns-idUSL4N2J134S

About the author

Patrick Pichette

Patrick Pichette

Patrick Pichette has a vast knowledge about Canadian nature, photography and journalism. After graduating the University of Alberta with a bachelor's degree in journalism he decided to follow his dreams and now he is the Associate Editor of Blog.ca

He can be reached out at: patrick.pichette@blog.ca

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