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North American Markets Open Flat Despite Energy Gains

Stockhouse Editorial
1 Comment| April 22, 2019

After closing at record highs before the long weekend, Canada’s main stock index opened on the lower side of flat to kick off the trading week on Monday.

Energy sector gains were offset by declines in other sectors, which was a similar story heard on Wall Street, where markets were slightly lower, especially technology companies that depend on consumer spending.

Oil futures were up as the U.S. administration stated that it won’t renew waivers that let countries buy Iranian oil without facing sanctions, including five major customers such as China, Japan, South Korea, Turkey and India.

Crescent Point Energy (TSX:CPG) gained 3.7 per-cent, Baytex Energy Corp. (TSX:BTE) gained 3.2 per-cent and MEG Energy Corp. (TSX:MEG) gained 3.1 per-cent.

A pair of equity analysts raised their ratings for Canopy Growth Corp. (TSX:WEED), which gave the cannabis company a nice bump of 1.9 per-cent.

Feature image via TMX Group Inc.

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