Energy stocks weigh on TSX as oil prices ease
EWC•EWC•EWC•EWC•Canada’s S&P/TSX Composite Index fell 0.2% to 35,441.80 points as lower oil prices weighed on energy shares, while technology stocks gained 1.9%.
The S&P/TSX Composite Index was down 0.2% by 10:10 a.m. ET on Monday, after rising nearly 1% on Friday. The energy sector fell 0.9% and materials declined 0.8%, while information technology gained 1.9%.
Investors reviewed economic data and interest-rate expectations after soft U.S. jobs data eased fears of an imminent Federal Reserve rate increase. Traders priced in about a 20% chance of a U.S. rate hike later this month, while investors still expected the Bank of Canada to raise lending rates at least once before the end of 2026. Canada’s services economy contracted for a fourth straight month in September, S&P Global’s services PMI data showed.
Suncor Energy fell 1.2% after agreeing to sell interests in three offshore oil assets to Ithaca Energy for C$1.2 billion. Cenovus Energy fell 4.1% after announcing a C$5.7 billion cash-and-stock acquisition of Athabasca Oil, whose shares jumped more than 15%.
