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CANADA STOCKS-Toronto market ends lower but adds to weekly winning streak
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CANADA STOCKS-Toronto market ends lower but adds to weekly winning streak
Jul 19, 2024 2:16 PM

*

TSX ends down 0.2% at 22,690.39

*

For the week, the index gains 0.1%

*

Energy loses 0.9%; oil settles 3.25% lower

*

Canadian retail sales fall 0.8% in May

(Updates at market close)

By Fergal Smith

July 19 (Reuters) - Canada's resource-heavy stock index

ended lower for a third straight day on Friday as commodity

prices fell and investors weighed the impact of a global

technology outage, but the market still held on to a modest

weekly gain.

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

ended down 36.37 points, or 0.2%, at 22,690.39, after

steeper declines on Wednesday and Thursday.

For the week, the TSX was up 0.1%, its fourth straight

weekly advance, after posting on Tuesday a record closing high

at 22,995.39.

"We are having a quiet, low volatility day. Given the

carnage in the markets and the disruptions to technology around

the world, it's not a bad thing," said Colin Cieszynski, chief

market strategist at SIA Wealth Management.

U.S. stocks added to their recent sell-off as a global tech

outage disrupted operations across industries, from airlines and

broadcasting to healthcare and banking.

The Toronto market's heavily weighted financials sector fell

0.4%, while energy was down 0.9% as the price of oil

settled 3.25% lower at $80.13 a barrel on the potential for a

ceasefire in Gaza.

The materials group, which includes metal miners

and fertilizer companies, lost 0.4% as gold and copper

prices fell.

Nutrien Ltd ( NTR ), the world's largest potash producer,

will stop blending fertilizers in Brazil after deciding to shut

its last two active processing plants in the country, said three

people familiar with the latest phase of a major turnaround

effort. The company's shares ended 0.5% lower.

Some of the defensive orientated sectors notched gains, with

healthcare rising 0.8% and consumer staples ending up 1.2%.

Canadian retail sales fell 0.8% in May from April, a bigger

decline than expected, boosting prospects of the Bank of Canada

cutting interest rates further at a policy decision on

Wednesday.

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