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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%.