(Updates at market close)
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TSX ends down 0.1% at 29,731.98
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Tech sector falls 2.5%
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Constellation Software ( CNSWF ) loses 6% as president resigns
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Materials group adds 1.1%
By Fergal Smith
TORONTO, Sept 25 (Reuters) - Canada's main stock index
ended lower on Thursday for a third straight day as technology
shares lost ground, but the commodity-linked market's decline
was limited after data showed stronger-than-expected growth in
the U.S. economy.
Toronto's S&P/TSX composite index ended down 24.97
points, or 0.1%, at 29,731.98, extending its pullback from a
record closing high on Monday.
U.S. gross domestic product increased at an upwardly revised
3.8% annualized rate in the second quarter amid strong consumer
spending and business investment.
"We really have this dynamic that there are a lot of
concerns but the risks have been pushed back just because of
(consumer) spending ... and there's potential for that momentum
to continue and for the Q3 numbers to show strength as well,"
said Ben Jang, a portfolio manager at Nicola Wealth.
The Atlanta Fed's GDPNow model has estimated U.S. annualized
growth of 3.3% in the current quarter.
Canadian GDP data for July, due on Friday, is expected to
show the economy expanding by 0.1% compared to the previous
month.
The technology sector fell 2.5%, with shares of Constellation
Software ( CNSWF ) down 6% as company president Mark Leonard
resigned for health reasons.
"He's extremely well regarded in the community. His name
carries a lot of weight," Jang said. "The firm has a very strong
culture and a really structured process for capital allocation
so they should be able to continue fine without him as
president."
BlackBerry was a bright spot. Its shares rose 9.1%
as the company raised its annual revenue forecast.
The materials group, which includes metal mining
shares, also advanced. It rose 1.1%, as the price of gold
moved closer to its recent record high.
Lithium Americas ( LAC ) added to its sharp gains the day
before, ending up 23.1%.