Toronto Stocks Flat, Energy Stocks Up on Higher Crude Price Forecast

By Adriano Marchese

Stocks in Toronto were unchanged as investors await U.S. consumer price index data and Canadian unemployment figures.

Energy was one of the biggest gainers of Monday's session, followed by tech and consumer durables. These gains were offset primarily by losses in materials, utilities and health tech stocks.

At midday, Canada's S&P/TSX Composite Index was flat at 24165.95 and the blue-chip S&P/TSX 60 rose by 0.1% to 1447.22.

Canadian energy companies were top gainers, with Canadian Natural Resources, Athabasca Oil, Whitecap Resources among the biggest movers. Goldman Sachs said in a note that Brent crude could trade in the $70 to $85 range per barrel on the assumption that the rising conflict in the Middle East won't lead to a major supply disruption.

However, a loss of Iranian oil could send prices to $90 a barrel or more.

Other market movers:

Canadian Natural Resources has agreed to acquire Chevron Canada's stakes in Alberta oil sands and shale assets for $6.5 billion as part of efforts to achieve its divesting goal by 2028. The assets are a 20% interest in the Athabasca Oil Sands Project and a 70% interest in the Duvernay shale. Shares rose 4.1% to 50.19 Canadian dollars ($36.97).

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

October 07, 2024 12:28 ET (16:28 GMT)

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