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CANADA STOCKS-TSX loses winning streak as railroad shares slide
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CANADA STOCKS-TSX loses winning streak as railroad shares slide
Apr 24, 2024 1:58 PM

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TSX ends down 0.6% at 21,873.72

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Posts first decline in six sessions

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Industrial shares lead declines

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10-year yield climbs to a 5-month high

(Updates at market close)

By Fergal Smith

April 24 (Reuters) - Canada's main stock index fell on

Wednesday, including declines for railroad shares, as long-term

borrowing costs climbed and retail sales data added to evidence

of a slowdown in the domestic economy.

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

ended down 138 points, or 0.6%, at 21,873.72, its

first decline in six sessions.

"Markets looks pretty good right now, but the big backdrop

that everyone's still concerned about is bond yields", said Greg

Taylor, chief investment officer at Purpose Investments.

The Canadian 10-year yield touched its highest

level since Nov. 14 at 3.834%. Still, the Bank of Canada is

expected to begin cutting interest rate ahead of the Federal

Reserve as a slowdown in the domestic economy helps cool

inflation.

Canadian retail sales fell 0.1% in February, the second

straight month of declines, led by a drop in sales at gasoline

stations and fuel vendors.

Shares of Canadian National Railway ( CNI ) fell 4.8% after

the company's first-quarter revenue missed analysts' estimates.

Canadian Pacific Kansas City ( CP ) also missed estimates. Its

shares were down 6.3%.

The industrials sector, which includes railroad

stocks, lost 2.9% and the communication services sector

ended 1.4% lower.

Rogers Communications ( RCIAF ) topped estimates for

first-quarter wireless subscriber additions. Still, its shares

fell 3.3%. Heavily-weighted financials also lost

ground, falling 0.6%.

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