CANADA STOCKS-TSX slips as Middle East tensions weigh

By Reuters News

By Utkarsh Hathi

Sept 18 (Reuters) - Canada's main stock index slipped on Friday, with broad-based losses dragging the index lower, as investors weighed the Middle East tensions, while easing oil prices for a third straight session did little to help the sentiment.

The Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE was down 0.47% at 35,706.86 points at 10:23 a.m. ET (14:23 GMT). The benchmark nearly shed all of its gains made earlier in the week as the main TSX sectors were in the negative territory.

  • Oil prices extended declines as reports of additional Saudi crude supplies via Oman and a smaller-than-expected U.S. inventory draw weighed on sentiment. O/R

  • Brent crude eased 0.2%, though it remained above $100, keeping markets concerned about elevated prices of refined-oil products.

  • "Markets remain on eggshells thanks to rising oil prices and bond yields and we are not out of the woods when it comes to the volatility that typically arises during September and October," said Rick Gardner, chief investment officer, RGA Investments.

  • The energy stocks .SPTTEN slipped 0.2%, while the heavily weighted financials .SPTTFS edged 0.3% lower.

  • The materials sector .GSPTTMT, that includes metal miners, fell 1.1%, even as precious metal prices extended gains for second session.

  • Investors will also look ahead to a meeting between US President Donald Trump and Chinese President Xi Jinping next week, with the discussions likely to focus on tensions in the Gulf region among other issues.

  • Among other movers, shares of Thomson Reuters TRI.TO declined 2.3%. OpenAI on Thursday released a legal industry-focused version of its latest AI technology, GPT-6 Astra, that it said is designed to help law firms and legal software providers.

  • Auto-parts suppliers Linamar LNR.TO and Magna International TO> were down 2.6% and 2.8%, respectively, after BMO Capital Markets cut the stocks' rating.

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