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TSX ends down 0.8% at 25,483.23
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Materials group loses 2.7% as gold falls
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MTY Foods Group tumbles 11.9% on revenue miss
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Magna ends 4.7% lower after weak revenue forecast
(Updates at market close)
By Fergal Smith
Feb 14 (Reuters) - Canada's main stock index fell on
Friday, weighed by declines for metal mining and consumer
discretionary shares, as weaker-than-expected U.S. retail sales
data and mixed corporate earnings encouraged investors to pocket
much of this week's gains.
The S&P/TSX composite index ended down 215.28
points, or 0.8%, at 25,483.23. For the week, the index was up
0.2%.
"With a long weekend approaching in North America, traders
appear inclined to take profits following yesterday's rally,"
Colin Cieszynski, chief market strategist at SIA Wealth
Management, said in a note. "Soft US retail sales and mixed
earnings don't appear to be helping sentiment either."
U.S. retail sales dropped by the most in nearly two years in
January, likely weighed down by frigid temperatures, wildfires
and motor vehicle shortages, suggesting a sharp slowdown in
economic growth early in the first quarter.
Canada sends about 75% of its exports to the United States
which has threatened to impose tariffs on global trading
partners.
As the threat of a trade war grows, Canadian investors are
seeking protection in gold and in shares of companies producing
goods with few substitutes, such as uranium, while looking to
take advantage of a weaker loonie and expected volatility.
The materials group, which includes fertilizer companies and
metal mining shares, fell 2.7% as copper and gold
prices dropped. Gold was pulling back from a record high.
The price of oil settled 0.8% lower at $70.74 a barrel,
which weighed on energy shares. The energy sector was down 1%
and consumer discretionary ended 1.9% lower.
MTY Food Group ( MTYFF ) shares tumbled 11.9% after the
restaurant chain reported fourth-quarter revenue below
estimates. Shares of Magna International ( MGA ) were down 4.7%
after the auto parts maker cut its 2026 sales estimate and
offered a weak revenue forecast for this year.
The TSX is set to be closed on Monday for the Family Day
holiday.