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TSX set to snap four-week winning streak as oil tumbles

08/20/2021 | 10:22am EDT

Aug 20 (Reuters) - A slide in Canada's main stock index halted on Friday but it was still on course to snap a four-week winning streak, pulled down by energy stocks as oil prices tumbled on fears of slowing global growth and rising COVID-19 cases.

By 10:07 a.m. ET (1407 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 0.15%, while the energy index slid 0.7% after declining nearly 7% this week.

Concerns that economic growth in China and the United States was beginning to slow have hammered equities and commodities prices this week and knocked the trade-reliant Canadian stock index off record highs.

Financial services, another heavyweight Canadian sector, is tracking its worst week since January.

Gregory Taylor, portfolio manager at Purpose Investments, said Canada had a greater exposure to economically-sensitive sectors and "so has really been hit harder than others on the fear that the fourth (COVID-19) wave is going to cause a slowdown in the reopening."

U.S. equity markets rebounded on Friday from steep declines earlier in the week.

Meanwhile, domestic data showed Canada's retail sales jumped 4.2% in June, led by higher sales at clothing and accessories stores.

HIGHLIGHTS

* The largest percentage gainers on the TSX were Lithium Americas Corp, and luxury parka maker Canada Goose Holdings Inc, both rising 2%.

* Lumber producer Canfor Corp fell 3.2%, the most on the TSX, while the second-biggest decliner was MAG Silver Corp, down 2.5%.

* The most heavily traded shares by volume were Sun Life Finl, Fortis Inc and Hexo Corp.

* The TSX posted 11 new 52-week highs and three new lows.

* Across all Canadian issues there were 65 new 52-week highs and 17 new lows, with total volume of 33.73 million shares. (Reporting by Amal S in Bengaluru; Editing by Saumyadeb Chakrabarty)


ę Reuters 2021
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