TSX tumbles as commodity stocks weigh; Canadian Western Bank shines
Adds analyst comment in paragraphs four and five; updates stocks and sector details, prices
Canadian Western Bank up on brokerage upgrade
Tech stocks climb, tracking U.S. rally
TSX down 0.6%
By Johann M Cherian
May 30 (Reuters) -Canada's main stock index slid on Tuesday, weighed by losses in commodity-linked stocks and worries of an economic slowdown, while Canadian Western Bank surged on a brokerage upgrade.
At 10:15 a.m. ET (14:15 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 119.96 points, or 0.6%, at 19,847.99.
The energy sector .SPTTEN fell 2.0% and weighed the most on the TSX, tracking declines in crude oil prices. O/R
"Energy was one of the sectors that did well last year as many people thought that with what's going on in Russia and Ukraine, prices would skyrocket; and they did temporarily, no doubt," said Allan Small, senior investment advisor at Allan Small Financial Group.
"But that was overdone and now what's taken hold is this notion of global growth slowdown."
Canadian equities have a large commodity exposure and have in recent weeks been weighed down by investor uncertainty surrounding the outlook for commodities, with fears of an economic slowdown looming.
The materials sector .GSPTTMT also lost 1.3%.
But bucking the trend, technology stocks .SPTTTK added 0.1%, tracking a tech sector rally across the border. .N
In company news, Canadian Western Bank CWB.TO added 3.0% after brokerage RBC turned bullish on the lender, while Fortuna Silver Miners Inc FVI.TO fell 1.0% as Scotiabank resumed coverage on the miner with a "sector perform" rating.
Meanwhile, United Conservative Party (UCP) leader Danielle Smith won a provincial election in Canada's main oil-producing province of Alberta; Smith is opposed to a Liberal plan to cap oil and gas emissions, arguing it will lead to a production cut.
Across the border, the bipartisan deal to raise the U.S. debt ceiling faces its first test in Congress after some Republican lawmakers said they would oppose the deal, setting up what could be a nail-biting week of voting.
Reporting by Johann M Cherian and Vansh Agarwal in Bengaluru; Editing by Pooja Desai
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