Canada Stocks: TSX closes down, posts best week in 17 months

Copper Mountain Mining

22/07/2022 21:39

(Adds closing prices and market details)
    By Nichola Saminather
    July 22 (Reuters) - Canada's main stock index reversed an
early rally to close lower on Friday following five straight
sessions of gains, as risk appetite once again ebbed following
earnings disappointments from some U.S. technology firms. 
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  closed down 82 points, or 0.43%, at 18,982.92. It was
still up 3.2% for the week, its best since February 2021.
    Global equities rallied this week as strong U.S. earnings
boosted risk appetite, but that shifted on Friday after Twitter
Inc  TWTR.N  and Snapchat's owner  SNAP.N  signaled advertisers
had pared back spending in response to a darkening economic
outlook.
    In Canada "it's almost like collateral damage (related) to
what's going on in the United States," said Philip Petursson,
chief investment strategist at IG Wealth Management. 
    Despite recent declines, U.S. technology stocks are not
cheap, "so any disappointment in the tech world and you'll see
sell-offs like this," he said. 
    Data showed Canadian retail sales rose 2.2% in May from
April, on higher sales at gasoline stations, as well as motor
vehicle and parts dealers.  urn:newsml:reuters.com:*:nSCLMIEI3H
    The healthcare group, dominated by cannabis stocks, was the
biggest decliner with a 4.2% fall, followed by technology, which
lost 1.45%, and materials, which fell 1%. 
    The energy sector  .SPTTEN  fell 1.3%, financials  .SPTTFS 
lost 0.2%, and industrials  .GSPTTIN  declined 0.15%.  O/R 
    Despite gains in metals including gold  GCc1  and copper
 CMCU3 , the materials sector  .GSPTTMT , which includes
precious and base metals miners and fertilizer companies, lost
1%  GOL/   MET/L 
    The utilities and real estate groups rose the most, each
gaining 0.8%. 

 (Reporting by Nichola Saminather in Toronto; Additional
reporting by Anisha Sircar and Devik Jain in Bengaluru; Editing
by Aditya Soni and Deepa Babington)
 ((Nichola.Saminather@thomsonreuters.com;))