TSX loses ground on wavering crude prices

August 05, 2021 07:30 AM AEST | By Team Kalkine Media
 TSX loses ground on wavering crude prices
Image source: Copyright © 2021 Kalkine Media

The lingering volatility in the crude prices impacted energy stocks, which in turn dragged the Toronto Stock Exchange in red territory on Wednesday. The broader composite index dropped by 36.12 points or 0.18% to close at 20,329.73.

Energy sector fell by 4.10%, with shares of Enerplus Corporation and Crescent Point Energy declining by 7.6% and 7.5%, respectively. The poor employment data for the month of July also hit the market sentiments. The Base Metal sector also witnessed a decline of 2.30%.

Technology and Financial sectors closed in green, up 0.66% and 0.37%, respectively.

One-Year Price Chart, analysis by Kalkine Group (Image: Refinitiv)

Gainers and Losers

Actively Traded Stocks

Cenovus Energy was the most actively traded stock with 7.17 million exchanged hands, followed by Enbridge Inc. with 6.88 million trading volume, and Crescent Point Energy Corp. with 5.97 million shares exchanging hands.

Wall Street Update

Wall Street seemed to be impacted by the payroll processor ADP report indicating employment in private sector rose considerably less than projected for July, highlighting the slow recovery of the U.S. economy. The Dow slumped 323.73 points or 0.92% to 34,792.67 and the S&P 500 fell 20.49 points or 0.46% to 4,402.66, while the Nasdaq gained 19.24 points or 0.13% at 14,780.53.

Commodity Update

Gold traded flat at US$ 1,814.50/oz, up slightly by 0.02%. Energy markets recorded volatility, with the International Oil benchmark Brent Crude Oil tanking by 2.8% to US$ 70.38/bbl, while WTI Crude Oil witnessing more pressure as it fell by 3.42% to US$ 68.15/bbl.

Weakness in the oil prices have now continued for third straight day.

Currency News

The Canadian Dollar stood marginally up against the U.S. Dollar, with USD/CAD closed at 1.2534, down 0.02%.

The U.S. Dollar index gained for the second straight session against the basket of major currencies and closed at 92.28, up 0.22%.


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