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TSX dips as energy shares hit near 3-month lows



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Energy shares lead losses

BoC Governer Tiff Macklem to speak at 1 p.m. ET

TSX down nearly 0.9%

Updated at 10:03 a.m. ET/ 1403 GMT

By Shristi Achar A and Nikhil Sharma

June 13 (Reuters) -Canada's main stock index edged lower on Thursday due to losses in energy-related shares, a day after the U.S. Federal Reserve projected only one rate cut this year.

At 10:03 a.m. ET (14:03 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 194.79 points, or 0.89%, at 21,766.76.

The energy sector .SPTTEN fell 2.1% to a nearly three-month low, tracking an earlier dip in crude prices as investors digested the possibility of the U.S. rate cut being pushed to December. O/R

The financial sector .SPTTFS dropped 1%, while materials shares .GSPTTMT were down 0.8%. GOL/ MET/L

However, markets across the border appeared upbeat as Nasdaq .IXIC and the benchmark S&P 500 .SPX on Wall Street rose on a weaker U.S. producer prices print. .N

While the Bank of Canada has already started its monetary easing cycle, the interest-rate path in the world's largest economy has garnered investor attention.

"We're starting to see US inflation come down and the economy starts to slow a little bit, that's good news because we're going to probably get a pull forward of some of the rate cut expectations in the U.S.," said Greg Taylor, chief investment officer at Purpose Investments.

Investors will now await BoC Governor Tiff Macklem's remarks later in the day.

In corporate news, Bitfarms BITF.TO jumped 15.3% to hit a more than three-month high. The bitcoin miner announced an agreement to develop up to 120 MW of power capacity in the United States and provided a production outlook for 2025.

Separtely, Riot Platforms RIOT.O said Bitfarm's move to adopt a poison pill to thwart its acquisition attempt was "shareholder unfriendly" and highlighted the lack of solid corporate governance standards.



Reporting by Nikhil Sharma and Shristi Achar A in Bengaluru; Editing by Shreya Biswas

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