Canada Stocks: TSX retreats from 11-week high as oil prices slide

Algonquin Power & Utilities

14/11/2022 21:27

(Adds details throughout; updates prices to close)

        * 
      TSX ends down 189.70 points, or 0.9%, at 19,921.81
    

        * 
      Energy falls 1.45; oil settles 3.5% lower
    

        * 
      Technology declines 2.1%
    

        * 
      Algonquin Power & Utilities tumbles 14%
    

  
    By Fergal Smith
       TORONTO, Nov 14 (Reuters) - Canada's main stock index
edged down on Monday, pulling back from its highest level in
more than 11 weeks, as lower oil prices weighed on energy shares
and before release of domestic inflation data this week.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended down 189.70 points, or 0.9%, at 19,921.81, after
on Friday posting its highest closing level since Aug. 25.
    Wall Street's main indexes also lost ground as investors
digested comments from U.S. Federal Reserve officials about the
central bank's plans for interest rate hikes and looked for the
next catalysts following last week's big stock market rally.
    The Bank of Canada has also been raising interest rates.
Canada's inflation report for October, due on Wednesday, could
help guide expectations for further tightening.
    "I think everyone will be looking out for the inflation data
which would obviously give us a direction as to what Bank of
Canada would do in terms of monetary policy," said Allan Small
senior investment advisor at Allan Small Financial Group.
    The Toronto market's energy group fell 1.4% as U.S. crude
oil futures  CLc1  settled 3.5% lower at $85.87 a barrel,
dragged down by a firmer U.S. dollar and as surging coronavirus
cases in China dashed hopes of a swift reopening of its economy.
    Technology declined 2.1%, while utilities ended nearly 2%
lower. The sector was pressured by a 14% decline for the shares
of Algonquin Power & Utilities Corp  AQN.TO .
    It was the stock's second straight day of sharp losses,
after the company reported quarterly earnings on Friday that
missed estimates.
 (Reporting by Fergal Smith; Additional reporting by Johann M
Cherian in Bengaluru; editing by Grant McCool)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446;))