CANADA STOCKS-TSX flat as rising energy stocks limit losses
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TSX up 0.1%
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CIBC, Aritzia up on brokerage upgrades
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Energy leads gains
(Updated at 9:46 a.m. ET/ 1446 GMT)
By Shashwat Chauhan
Dec 20 (Reuters) -
Canada's main stock index was largely flat in early trade on Wednesday as rising crude oil prices lifted energy stocks, countering broader market weakness.
At 9:46 a.m. ET (1446 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 14.31 points, or 0.07%, at 20,853.94 after rising sharply in the previous two sessions.
Wall Street, on the other hand, had a weaker start.
Energy stocks gained 1.1% as oil prices rose amid market jitters over global trade disruption and geopolitical tensions in the Middle East following attacks on ships by Yemen's Iran-aligned Houthi forces in the Red Sea.
"Oil prices seem to have found some solace from the missile attacks against commercial ships in the Red Sea, which threaten to disrupt global trade routes," said Marios Hadjikyriacos, senior investment analyst at forex broker XM.
"Alas, it's questionable whether such concerns will keep oil prices supported for long, against the backdrop of slowing demand next year coupled with record-high U.S. crude production."
On the broader index, consumer discretionary was amongst top losers, down 0.4%
The release of monetary policy deliberations from the Bank of Canada's last meeting - where the central bank had held its rates steady - is due later in the day and would be on investor radar.
The market is also awaiting data sets on Canada's October Gross Domestic Product (GDP) and retail sales due later in the week.
Across the border, the United States' final estimate of third-quarter GDP and November Personal Consumption Expenditure index (PCE) - the U.S. Federal Reserve's preferred inflation gauge, would be awaited during the week.
Among individual stocks, Canadian Imperial Bank of Commerce gained 0.8% after brokerage National Bank of Canada upgraded its rating to "outperform" from "sector perform".
Aritzia advanced 3.7% after TD Securities upgraded its rating to "buy" from "hold".
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid)
