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Toronto Stock Exchange closes down 23 points or 0.09%
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Market fell almost a percentage point in early trade
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Energy stocks up 0.87%, mining stocks gain up 0.1%
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Barrick Gold ( GOLD ) shares up 2.5% after Mali government deal
(New throughout)
By Promit Mukherjee and Pranav Kashyap
Feb 19 (Reuters) -
Canada's main stock index closed marginally lower on
Wednesday, after a global equity sell-off was largely cushioned
by energy shares, recovery in mining stocks and minutes of the
U.S. Federal Reserve's January meeting.
The S&P/TSX Composite index lost 0.09%, or
close to 22.68 points, to end at 25,626.16.
U.S. President Donald Trump on Tuesday announced
tariffs on automotive imports
"in the neighborhood of 25%" and said that more details
will be revealed on April 2. Duties will be slapped on
pharmaceutical and semiconductor imports, he added.
Asian and European markets closed sharply lower on
Wednesday, with the pan-European STOXX 600 index
falling 0.9%
, its biggest single-day drop this year.
U.S. shares
closed higher in a rebound after the Federal Reserve
released the
minutes of its meeting
, with the S&P 500 posting its second straight all-time
closing high.
Fed policymakers expressed concern about U.S. economic
growth due to Trump's policies, the minutes showed.
"The big picture here is that the markets continue to
exhibit a surprising degree of resilience to all the headline
risk," said Elvis Picardo, portfolio manager at Luft Financial,
iA Private Wealth.
Investors in this bull market do not want to miss any
buying opportunity, he said.
Some analysts said the Fed's concerns on growth hint at
a potential interest rate cut, boosting investor optimism.
In Canada, the financial sector, with a weight
of nearly one-third of the composite index, lost 0.27%. Royal
Bank of Canada ( RY ), the biggest company by market
capitalization, fell 0.02%.
The sell-off was largely softened by energy stocks
, which rose 0.87% as oil prices held near a one-week
high of $76 per barrel on worries about supply disruptions in
Russia and the U.S.
Mining stocks also helped to contain the slide in the
main index, led by higher gold prices and an over 2.5% jump in
Barrick Gold ( GOLD ) shares.
Reuters reported that the
miner has signed
a new agreement with the Mali government to end an almost
two-year-old dispute over its mining assets.