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CANADA STOCKS-TSX ends lower as China stimulus details underwhelm
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CANADA STOCKS-TSX ends lower as China stimulus details underwhelm
Oct 8, 2024 2:01 PM

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TSX ends down 0.1% at 24,072.51

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Energy falls 2.3%; oil settles 4.6% lower

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Materials sector loses 1%

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Technology rises 1.1%

(Updates at market close)

By Fergal Smith

Oct 8 (Reuters) - Canada's main stock index edged lower

for a second straight day on Tuesday as a drop in oil prices and

fading optimism around China's efforts to boost its economy

weighed on energy and metal mining shares.

The Toronto Stock Exchange's S&P/TSX composite index

ended down 30.2 points, or 0.1%, at 24,072.51,

extending its pullback from a record closing high on Friday.

China, one of the world's major consumers of oil and base

metals, expressed confidence on achieving its full-year growth

target. But it refrained from introducing stronger fiscal steps,

disappointing investors who had banked on more support from

policymakers to get the economy back on track.

"Today we saw a selloff in everything that was banking on a

better Chinese economy," says Colin Cieszynski, chief market

strategist at SIA Wealth Management.

The energy sector was down 2.3% as the price of oil

settled 4.6% lower at $73.57 a barrel on easing fears of supply

disruptions from the conflict between Israel and Iran.

The materials sector, which includes fertilizer companies

and metal mining shares, lost 1% as gold and copper

prices fell.

Technology helped limit the market's decline, rising 1.1%,

while industrials ended up 0.6%.

Among the stocks posting the biggest declines was

infrastructure technologies company Mattr Corp. ( MTTRF ) Its

shares dropped 10.5%.

In contrast, South Bow Corp ( SOBCF ), TC Energy's ( TRP )

recent liquids pipeline spin-off, climbed 6.3%.

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