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Energy drags TSX down

Canada's main stock index fell after a blockbuster $17.7-billion deal by one of Alberta's biggest oilsands players, Cenovus Energy.

The Toronto Stock Exchange's S&P/TSX composite index dropped 78.87 points to 15,578.76, with energy and gold sectors leading with the biggest declines.

Cenovus Energy announced late Wednesday that it will buy most of the Canadian assets of Houston-based ConocoPhillips. The acquisition led to investors selling off shares of Cenovus, which saw its stock drop nearly 14 per cent, or $2.40, to end at $15.05 on the TSX.

The weakness in the oil sector came even though the May crude contract was up 84 cents at US$50.35 a barrel, climbing for a third day in a row. The Canadian dollar was unchanged at 75 cents US.

In New York, the Dow Jones industrial average gained 69.17 points to 20,728.49 and the S&P 500 index added 6.93 points to 2,368.06. The Nasdaq composite index was up 16.79 points to 5,914.34 to a record high.

In commodities, May natural gas contracts were down four cents at US$3.19 per mmBTU, the June gold contract lost $8.80 at US$1,248 an ounce and May copper contracts dipped a penny at US$2.67 a pound.



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