(Updates at market close)
* TSX ends down 0.1% at 31,934.94
* Index was on track for a monthly decline of 7%
* Technology sector declines 1.4%
* Air Canada ( ACDVF ) falls 2.2% as company says CEO will retire
By Fergal Smith
March 30 (Reuters) - Canada's resource-heavy main stock
index edged lower on Monday, including declines for technology
shares, as a widening of the Iran war and the approach of
month-end deterred investors from making any big moves.
The Toronto Stock Exchange's S&P/TSX Composite Index
ended down 25.71 points, or 0.1%, at 31,934.94. The
index has fallen 7% since the start of March, putting it on
track for its first monthly decline in 11 months and its biggest
since June 2022.
"We are wrapping up a tricky quarter and an uglier month,
and I think people just want to get through this right now and
see what the spring will bring," said Greg Taylor, chief
investment officer at PenderFund Capital Management. "There is
so much macro uncertainty right now I don't think anyone has any
conviction to make big bets right now either way."
U.S. stocks also fell, with investors focused on how oil prices
will impact the global economy after they shot up since the
start of the war.
Technology was the biggest drag on the Toronto market,
losing 1.4%.
The materials group, which includes metal mining
shares, ended 0.3% lower. The price of gold rose but was headed
for a sharp monthly decline.
Energy fell 0.5% even as the price of oil
settled 3.25% higher at $102.88 a barrel.
Air Canada ( ACDVF ) CEO Michael Rousseau will retire by
October, the airline said, after he sparked a backlash for
failing to offer condolences in French, one of Canada's two
official languages, over a crash that killed two pilots. Shares
of Air Canada ( ACDVF ) lost 2.2%.
Among the sectors that notched gains was consumer
discretionary. It added 0.9%, while the high-dividend paying
utilities sector was up 0.6% as bond yields fell.