TSX flat as tech gains counter losses in miners; Middle East in focus

Kitco Media
By Reuters
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Reuters
TSX flat as tech gains counter losses in miners; Middle East in focus   teaser image

May 4 (Reuters) - Canada's main stock index was nearly flat ‌on Monday, with gains in technology shares making up for losses in miners while renewed tensions between the U.S. and Iran lifted oil prices and pressured ​global equities.

At 10:53 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite ​index (.GSPTSE), was up 0.03% at 33,900.92 points.

The technology index (.SPTTTK), rose ⁠1.6%, with BlackBerry (BB.TO), soaring 8% to a more-than-one-year-high.

Heavy-weight mining stocks (.GSPTTMT), slipped ​0.3% after gold prices fell as rising geopolitical tensions boosted the dollar ​and stoked concerns about inflation that kept expectations of higher interest rates alive.

Eldorado Gold (ELD.TO), , Aya Gold and Silver (AYA.TO), and Lundin Mining (LUN.TO), were each down between 1.6% and ​2.8%.

The U.S. military said two U.S. Navy guided-missile destroyers had entered the Gulf ​to break an Iranian blockade and that two U.S. ships had transited the Strait ‌of ⁠Hormuz, after Iran said it had prevented a U.S. warship entering the Gulf.

"There’s growing concern that top-line inflation will continue to inch higher and that interest rates may move from a pause to rising later ​in the year, which ​is unsettling ⁠for rate‑sensitive investors,” said Shiraz Ahmed, founder at Sartorial Wealth.

The energy index (.SPTTEN), also inched higher as oil prices ​rose.

The benchmark index was trading about 2% below its ​March 2 ⁠peak, showing how the U.S.-Iran conflict has weighed on sentiment in Canada's energy‑heavy market despite some support from firm oil prices.

On the earnings front, ⁠Fairfax financial ​holdings (FFH.TO), rose 4.3% after the insurance group's first-quarter ​revenue grew 12.8% to $7.06 billion from a year ago and beat analyst expectations of $7 billion.

Reporting ​by Tharuniyaa Lakshmi in Bengaluru; Editing by Shailesh Kuber and Joyjeet Das

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