CANADA STOCKS-TSX edges lower on losses in CannTrust shares, recession fears




(Updates with details)

August 12 (Reuters) - Canada's main stock index fell for a second day on Monday, hit by losses in shares of pot producer CannTrust Holdings and worries over recession due to a prolonged U.S.-China trade war.

* CannTrust Holdings Inc tumbled 25% to the bottom of the main stock index after Health Canada found fault with cannabis production at a second facility.

* The healthcare index fell 2.2%, with other weed companies such as Canopy Growth, Cronos Group and Aurora Cannabis falling more than 2%.

* At 10:00 a.m. ET (14:00 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 36.7 points, or 0.22%, at 16,304.64.

* Energy stocks fell even as oil prices recovered . Technology, financial, consumer discretionary and industrial sectors were all in the red, mirroring weakness in global stock markets.

* President Donald Trump said on Friday he was not ready to make a deal with China, pouring cold water on any hopes that the dispute would end soon. Trump's pledge to tax the remaining $300 billion worth of Chinese imports goes into effect on Sept 1.

* Goldman Sachs said fears of the trade war leading to a recession were growing and that it no longer expected a trade deal before the 2020 U.S. presidential election.

* Among the bright spots were shares of material companies, helped by a 3% gain in Barrick Gold Corp after it reported quarterly adjusted profit that nearly doubled on higher production.

* Shares of tour operator Transat AT Inc jumped over 40% after Air Canada raised the value of its offer to buy the company to about C$720 million, or C$18 per share, from its earlier offer of C$13 a share. Air Canada's shares were down about 4%.

* The biggest percentage gainer on the main index was a 70% jump in integrated forest products company Canfor Corp after Great Pacific Capital Corp offered to take the company private at C$16 per share, or about C$2 billion overall.

* On the TSX, 97 issues were higher, while 140 issues declined for a 1.44-to-1 ratio to the downside, with 31.67 million shares traded.

* The TSX posted 11 new 52-week highs and 10 new lows.

* Across all Canadian issues there were 22 new 52-week highs and 32 new lows, with total volume of 56.01 million shares. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shailesh Kuber and Anil D'Silva)

COMMENTS

More Related News

Justices to take up dispute over subpoenas for Trump records
Justices to take up dispute over subpoenas for Trump records

The Supreme Court said Friday it will hear President Donald Trump's pleas to keep his tax, bank and financial records private, a major tussle between the president and Congress that also could affect the 2020 presidential campaign. The justices are poised to issue decisions in June, amid Trump's bid for a second term. Rulings against the president could result in the quick release of personal financial information that Trump has sought strenuously to keep private.

For 3rd time in US history, full House to vote on impeachment of a president
For 3rd time in US history, full House to vote on impeachment of a president

The House Judiciary Committee Friday morning voted along party lines to approve two impeachment articles.

Mitch McConnell Brags About Blocking Obama For 2 Years, Then Laughs About It
Mitch McConnell Brags About Blocking Obama For 2 Years, Then Laughs About It

The Senate majority leader boasted about stacking the courts with conservative judges under Trump.

Senate recognizes Armenian genocide over objections of Trump and Turkish government
Senate recognizes Armenian genocide over objections of Trump and Turkish government

For decades, Turkey had deployed an army of lobbyists to stop the measure. But that effort fell short on Thursday.

Michael Cohen, Broken and Humiliated, Asks for Leniency From Prison
Michael Cohen, Broken and Humiliated, Asks for Leniency From Prison
  • US
  • 2019-12-12 13:43:18Z

Michael Cohen says he has been left disbarred, financially crushed, and personally embarrassed and humiliated after being sentenced to three years in prison for bank fraud and other crimes. He says he regrets that he thought "being Donald Trump's lawyer made him a 'big man.'"Cohen, the disgraced former lawyer and fixer for Trump, made the comments in a letter to a federal judge Wednesday in which he portrayed himself as a broken man and asked the court to allow him to serve the remainder of his sentence in home confinement.Cohen, 53, began serving his sentence in May and is in a minimum-security camp at the Federal Correctional Institution in Otisville, New York, about 75 miles...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy