BNN Bloomberg’s closing bell update: May 17, 2019
Canadian stocks fell, ending a three-day win streak as trade related jitters left investors to hit the sell button, globally. The S&P/TSX Composite Index fell 0.3 per cent to 16,401.75 on Friday in Toronto.
Pot stocks were among the worst performers, while consumer staples were the best. Seven of the 11 industry groups fell, with CAE Inc. as the best performing stock after earnings beat the highest estimate.
Meanwhile, The U.S. and Canada have reached a deal to lift metals tariffs, and the agreement will take effect in “no later than two days,” according to a joint statement. Countries have agreed to lift “all tariffs the United States imposed under Section 232 on imports of steel and aluminum products from Canada” and “all tariffs Canada imposed in retaliation for the Section 232 action taken by the United States.”
In other moves:
CAE rallied 15 per cent, BMO said that company cleared a "high bar" Alacer Gold rose about 13 per cent in last five days. New Gold fell 6.5 per cent on Friday, underperforming peers Stelco and Russel Metals rose after U.S.-Canada deal Seven Generation fell 4 per cent, along with MEG Energy, which was down 3.4 per cent
ITP CN: Intertape Polymer Rated New Neutral at CIBC; PT $20 TRZ CN: Transat AT Downgraded to Hold at Desjardins; PT $13 WJA CN: WestJet Airlines Cut to Sector Perform at Scotiabank; PT $31
Western Canada Select crude oil traded at a US$13 discount to WTI Gold spot prices fell 0.7 per cent to 1,278.04 an ounce
The Canadian dollar rose 0.03 per cent to US$1.3455 per U.S. dollar The Canada 10-year government bond yield rose to 1.688 per cent