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TSX falls on fear of higher interest rate

05/12/2021 | 10:10am EDT
The facade of the original Toronto Stock Exchange building is seen in Toronto

(Reuters) - Canada's main stock index fell on Wednesday, triggered by fears of interest rate increases and higher bond yields after data showed stronger-than-expected inflation in the United States.

* U.S. consumer prices increased by the most in nearly 12 years in April as booming demand amid a reopening economy pushed against supply constraints, which could fuel financial market fears of a lengthy period of higher inflation.

* At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 52.47 points, or 0.27%, at 19,221.57.

* Bombardier said it would extend the time to get bondholders' consent to amend terms on certain bond issues, following claims that the company's recent asset sales breached certain covenants surrounding some of its notes.

* The energy sector climbed 1.4% as U.S. crude prices were up 0.9% a barrel, while Brent crude added 0.9%. [O/R]

* The financial sector gained 0.2%. The industrial sector fell 0.8%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.6% as gold futures fell 0.6% to $1,825.2 an ounce. [GOL/]

* On the TSX, 86 issues were higher, while 137 issues declined for a 1.59-to-1 ratio to the downside, with 19.01 million shares traded.

* The largest percentage gainer on the TSX was Intertape Polymer Group, which jumped 7.4% after its quarterly results beat estimates.

* Atco Ltd was the second largest percentage gainer, which rose 4.2% after its partnership with Suncor Energy to build a clean hydrogen project.

* Element Fleet Management fell 7.8%, the most on the TSX, after its first-quarter earnings missed estimates.

* The second biggest decliner was Hudbay Minerals Inc , down 6.8% after posting a quarterly loss of 23 cents per share.

* The most heavily traded shares by volume were Enbridge Inc , Tetra Bio-Pharma Ord and Kinross Gold Corp.

* The TSX posted 5 new 52-week highs and no new lows.

* Across all Canadian issues there were 25 new 52-week highs and 10 new lows, with total volume of 35.68 million shares.

(Reporting by Shivani Kumaresan in Bengaluru; Editing by Bernard Orr)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ATCO LTD. -2.11% 44.13 Delayed Quote.23.54%
ELEMENT FLEET MANAGEMENT CORP. -0.84% 14.16 Delayed Quote.6.73%
ENBRIDGE INC. 0.55% 49.45 Delayed Quote.20.81%
GOLD 0.11% 1813 Delayed Quote.-4.50%
HUDBAY MINERALS INC. -2.02% 8.73 Delayed Quote.0.00%
INTERTAPE POLYMER GROUP INC. 0.61% 27.94 Delayed Quote.15.04%
KINROSS GOLD CORPORATION -0.12% 8.16 Delayed Quote.-12.53%
LONDON BRENT OIL -0.10% 72.28 Delayed Quote.45.28%
S&P GSCI BRENT CRUDE INDEX -0.15% 615.1497 Delayed Quote.40.71%
SUNCOR ENERGY INC. 0.77% 24.75 Delayed Quote.15.04%
TETRA BIO-PHARMA INC. 3.85% 0.27 Delayed Quote.33.33%
WTI -0.17% 70.296 Delayed Quote.52.97%
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