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TSX ends down 1.2% at 24,584.04
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Tech falls 3.3% with Celestica ( CLS ) down 10.4%
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Financials end 1.7% lower
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Aecon Group ( AEGXF ) tumbles 16.1% on revenue miss
(Updates at market close)
By Nikhil Sharma and Fergal Smith
March 6 (Reuters) - Canada's main stock index fell on
Thursday, weighed by declines for technology and financial
shares, as the rapid pace of U.S. policy shifts on trade hurt
investor sentiment globally.
The S&P/TSX composite index ended down 286.78, or
1.2%, at 24,584.04, giving back nearly all of the previous day's
rally.
U.S. benchmark, the S&P 500, posted even steeper declines,
while the tech-heavy Nasdaq confirmed it was in a correction
since December.
U.S. President Donald Trump exempted goods from both Canada
and Mexico under a North American trade pact for a month from
the 25% tariffs that he had imposed earlier this week, the
latest twist in fast-shifting trade policy that has whipsawed
financial markets and business leaders.
"The challenge is that no one can really anticipate or
predict what Trump is going to do at any given point in time,"
said Shiraz Ahmed, senior portfolio manager and founder of
Sartorial Wealth at Raymond James.
"The anxiousness is likely spilling over into the markets at
the moment ... The market and everybody are just walking on egg
shells and anticipating more bad than good."
Canada's trade surplus widened much more than expected to
C$4 billion ($2.80 billion) in January as fears of U.S. tariffs
pushed exports of cars and energy products higher.
The Toronto market's technology sector fell 3.3%, with
shares of electronic equipment company Celestica Inc ( CLS ) down 10.4%.
The sector was trading roughly 14% below the all-time closing
high it posted three weeks ago.
Heavily weighted financials fell 1.7%, while utilities ended
2% lower as bond yields climbed.
The materials group, which includes fertilizer companies and
metal mining shares, was down 1.1% as the price of gold
edged lower.
Shares of Aecon Group Inc ( AEGXF ) tumbled 16.1% after the
construction company fourth-quarter revenue expectations.
($1 = 1.4305 Canadian dollars)