Canadian Stocks Fall On Tech, Oil

Canada’s main stock index, the S&P/TSX, fell to three-week lows below the 21,000 mark, amid a global risk-off sentiment fueled by growing concerns that the Federal Reserve will bring forward rate hike plans.

Technology stocks dipped 2.3%, falling for the sixth session in a row as bond yields continue to rally, while the energy sector dipped 0.7% amid weaker oil prices.

On the other hand, cannabis producer Tilray surged almost 20% after posting a surprise profit of $6 million for the quarter ended November.

On the contrary, Canadian Overseas Petroleum Limited shares surged more than 30% in Monday’s early deals thanks to what stockbroker SP Angel has called an impressive and significant new discovery onshore USA, in Wyoming.

It creates the potential for the company to grow to a scale “many multiples” greater than previously forecast, according to COPL.

The discovery, comprising 1.5bn to 1.9bn barrels of oil in place, was identified spanning Converse and Natrona Counties, Wyoming – with the majority of the estimated 1.275bn to 1.64bn barrels present across the company’s leasehold.

It comprises multiple zones and production has already begun from the lowermost, Dakota Fm, with the discovery well BFU-14-30VF flowing between 100 and 120 barrels of oil per day.