(Reuters) – Canada’s main stock index fell more than 1% on Thursday, with financial and healthcare stocks leading losses, amid a sharp sell-off in global markets after Russia launched an all-out invasion of Ukraine.
At 9:37 a.m. ET (14:37 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 307.3 points, or 1.48%, at 20,436.87. The index was set to fall for a sixth straight session.
Russian forces invaded Ukraine in a massed assault by land, sea and air, the biggest attack by one state against another in Europe since World War Two.
Further losses were limited by heavyweight energy sector that climbed 1.0%, as oil prices jumped with Brent rising above $105 a barrel for the first time since 2014, on concerns about disruptions to global energy supply. [O/R]
“U.S. markets are under pressure, but Canada may be cushioned a little bit because it has a lot of gold producers, a lot of energy producers, and for what it’s worth, although completely overshadowed, the first round of earnings from Royal Bank were pretty upbeat,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.5% as gold futures rose 2.5% to $1,957 an ounce. [GOL/]
Royal Bank of Canada kicked off Canadian lenders’ first-quarter results with a stronger-than-expected 6% rise in adjusted earnings, driven by wealth management and loan growth. Shares fell 2.1% in early trading.
Loblaw Cos Ltd fell 1.2%, despite the retailer beating market estimates for quarterly revenue, as demand for groceries and other essential items stayed strong.
On the economic front, domestic factory sales most likely rose 1.3% in January from December, Statistics Canada said in a flash estimate.
(Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)
