TSX sinks to 2-month low amid falling oil prices, Hudbay top loser - Kalkine Media

Follow us on Google News:
 TSX sinks to 2-month low amid falling oil prices, Hudbay top loser
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

Canadian markets noted a broad-based weakening on Monday, July 19, as rising Delta variant COVID-19 cases and falling oil prices hammered investor confidence.

The S&P/TSX composite index sank by 1.3%, or 259.09 points, to settle at 19.726.45, its lowest level since May 2021.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies’ decision to increase the monthly oil supply from August saw oil prices tumble on Monday. The TSX composite energy index, in turn, dropped 3.79%, with the share prices of Parex Resources and Whitecap Resources falling 6.4% and 6.0%, respectively.

As Delta variant cases continue to surge, the uncertainty in commodities saw the base metal sector tumble by 2.65% on Monday. Financial and industrials sectors also declined by 1.95% and 1.20%, respectively. Among the major TSX constituents, only the technology sector moved up by around 0.51%.

 1-Year Price Chart. Analysis by Kalkine Group


Gainers and Losers


Actively Traded Stocks

The most actively traded stocks on the TSX on Monday were Enbridge Inc, with a trading volume of 14.85 million, followed by Suncor Energy Inc, with that of 12.07 million, and Bombardier Inc, with that of 11.37 million.


Wall Street Update

As regional governments across the US imposed further limitations to combat the Delta strain, Wall Street noted a significant drop on Monday.

In its worst session of 2021 to date, the Dow Jones Industrial Average dropped 2.1% to 33,962,04, the S&P 500 fell 1.6% to 4,258.49, and the Nasdaq shed 1.1% to 14,274.98.

Commodity Update

Gold traded with negative biasness at US$ 1,809.20, down 0.39%.

Following the OPEC and its partners’ decision, WTI Crude Oil slipped 6.63% to US$ 66.42/bbl and Brent Oil fell 6.10% to US$ 68.62/bbl.

Currency News

The Canadian Dollar stood weak against the US Dollar for the fourth straight session on Monday, while USD/CAD closed at 1.2751, up 1.05%.

The US Dollar index stood firm against the basket of major currencies, up 0.24% at 92.88.

Money Market

The US 10-year bond yield tumbled for the fifth day and closed at 1.207, down 4.86%.

The Canada 10-year bond yield, on the other hand, tanked 7.49% and closed at 1.148 on Monday.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK