Canada Stocks-TSX down as gold prices pressure miners; Telus tumbles
T•Company updates and deal news
- In company news, Imperial Oil IMO.TO, Enbridge ENB.TO and TC Energy TRP.TO all beat second-quarter profit estimates.
- Separately, retailer Alimentation Couche-Tard ATD.TO said on Friday it plans to buy Poland's Zabka ZAB.WA for about $8.7 billion. The deal is expected to close by December 2026.
(Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Diti Pujara)
TSX opens lower as miners weigh
Canada's main stock index opened lower on Friday, weighed down by weaker mining shares as gold prices fell, while Telus dropped after the telecom firm cut its full-year service revenue outlook.
The Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 0.5% by 10:37 a.m. ET, but remained on track to post its fourth straight monthly gain.
Energy, financials and staples gain
- Meanwhile, energy shares .SPTTEN were up 0.5% after oil prices rose over 1% as reports that some tankers were forced to turn around in the Strait of Hormuz prompted traders to reassess shipping flows through the key waterway. O/R
- "Energy had a nice run. It is an opportunity as well for clients to take some money off the table and shift," said Michael Constantino, CEO of Webull Canada.
- Financial .SPTTFS and consumer staple shares .GSPTTCS were also up 0.4% and 1.2% respectively.
Miners pressured by weaker gold prices
- Heavyweight miners were among the worst hit, slipping over 2%, as gold prices slipped against a stronger dollar. Eldorado Gold ELD.TO, Southern Cross Gold Consolidated SGXC.TO and DPM Metals DPM.TO were among the biggest laggards, down between 5.1% and 7.4%.
