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HomeBusiness ReportAFTER THE BELL: TSX sees modest gains, Boeing’s decline deepens in wake...

AFTER THE BELL: TSX sees modest gains, Boeing’s decline deepens in wake of Ethiopian Airlines tragedy

While there was an uptick in value for energy and cannabis stocks, a drop in the industrials sector kept Canada’s stock exchange close to level today.

Industrials include Air Canada, which is feeling the ripple effect of Boeing’s shares tanking in the wake of the Ethiopian Airlines crash on Sunday.

Canada’s largest airline cancelled flights from Halifax to London’s Heathrow Airport, after the UK banned Boeing 737 MAX 8s from its airspace.

Air Canada shares were off by 3.9 percent today.

But the bigger picture saw the TSX add 30 points with nine of 11 sectors trading higher.

The oil-tied energy sector moved up 0.6 percent with crude prices inching 25 cents higher to $57.04 US a barrel.

In New York, Boeing continues to be a weight, with a growing number of countries grounding the company’s 737 MAX 8 planes.

This comes after an Ethiopian Airlines Boeing 737 MAX 8 jet crashed shortly after takeoff, killing all 157 people on board.

Boeing’s stock was down another 6.1 percent today and was on pace for its biggest two-day percentage drop in a decade.

On the other side of the ledger, Apple’s shares rose another 1.1 percent after the Bank of America upgraded its shares to buy from neutral on Monday.

But it was an overall mixed bag on Wall Street, with the Dow losing 96 points and the Nasdaq gaining 32 points.

Tech stocks led the gains and propelled the Nasdaq into positive territory. Among the net gainers were Google parent Alphabet, Amazon, and chipmaker Nvidia.

Gold rallied from yesterday’s losses by spiking up $10.80 to $1,301 an ounce while the Canadian dollar strengthened by 22/100ths of a cent to $0.7487 US.

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