May 19 (Reuters) – Canada’s main stock index fell on Wednesday, dragged down by energy stocks after oil prices fell on demand concerns and as data showed inflation rose in April.
* Inflation in Canada rose at its fastest pace in a decade in April, mostly due to the statistical comparison to last year when prices tanked amid pandemic shutdowns, but also as gasoline and shelter costs rose, data showed on Wednesday.
* At 9:38 a.m. ET (13:38 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 198.19 points, or 1.02%, at 19,308.86.
* The energy sector dropped 2.4% as U.S. crude prices were down 2.7% a barrel, while Brent crude lost 2.5%.
* Aviation training specialist CAE Inc fell 6.4% after reporting a 77% drop in fourth-quarter profit, as demand for its full-flight simulators and pilot drills remained stressed due to the COVID-19 pandemic.
* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.6%.
* On the TSX, 21 issues were higher, while 206 issues declined for a 9.81-to-1 ratio to the downside, with 20.51 million shares traded.
* The largest percentage gainer on the TSX was Wesdome Gold Mines, which jumped 9.9%, after the expansion of its mine in Quebec.
* Franco Nevada Corp rose 2.1% after Credit Suisse raised its target price to $145 from $130
* First Quantum Minerals fell 6.7%, the most on the TSX, after selling the company sold its Australia nickel mine stake.
* The second biggest decliner was Nexgen Energy, down 6.3%.
* The most heavily traded shares by volume were Enbridge Inc , Sun Life Financial and Western Forest products.
* The TSX posted one new 52-week high and no new low.
* Across all Canadian issues there were 10 new 52-week highs and 17 new lows, with total volume of 41.45 million shares.
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