Canada Stocks: Toronto stocks edge lower as energy, industrials drag

Ballard Power Systems

20/09/2024 15:59

(Updated at 10:18 a.m. ET/ 1418 GMT)
    By Nikhil Sharma
       Sept 20 (Reuters) - Canada's main stock index slipped on
Friday, hurt by declines in energy and industrials shares, as
investors paused a day after an oversized interest-rate cut in
the United States fueled broader gains in global markets.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  was down 83.53 points, or 0.35%, at 23,782.74, but was
set to register its second consecutive weekly gains.
    The TSX also took cues from Wall Street, where major indexes
fell after a jump in the previous session following the U.S.
interest rate cut.  .N 
    "Today I think the market (is) just taking a bit of a
breather," said Allan Small, senior investment advisor at Allan
Small Financial Group with iA Private Wealth.
    "I haven't really seen anything that would warrant caution."
    The TSX is up 13.6% for the year, buoyed by the Bank of
Canada cutting its interest rates thrice, as well as optimism
over Fed's policy easing.
    Canada's inflation has reached its central bank's target of
2%, and, like their U.S. counterpart, is now focused on boosting
the country's slowing economy.
    Investors also assessed data on Canada's retail sales, which
rose 0.9% in July from June to C$66.38 billion ($48.95 billion),
led by higher sales at motor vehicle and parts dealers.
    At least nine sectors nursed losses on Friday, led by
Canada's energy sector  .SPTTEN  that fell over 1.6% as it
tracked declines in oil prices.  O/R 
    Industrials  .GSPTTIN  and healthcare  .GSPTTHC  sectors
also declined significantly.
    The materials sector  .GSPTTMT  rose 0.1%, supported by gold
prices that hit a record high.  GOL/  
    On the composite index, the biggest decliners were Ballard
Power Systems Inc​​  BLDP.TO , TFI International Inc​  TFII.TO 
and Africa Oil Corp​  AOI.TO , which fell between 2.7-4.6%.  
    

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Leroy Leo)
 ((Nikhil.Sharma@thomsonreuters.com))