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TSX ends down 0.1% at 22,608.03
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Posts its lowest closing level since July 11
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Industrials fall 1.1%; materials end 1.2% lower
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Mullen Group ( MLLGF ) beats Q2 estimates, shares rise
(Updates at market close)
By Fergal Smith
July 25 (Reuters) - Canada's main stock index fell to a
two-week low on Thursday, led by declines for industrial and
metal mining shares, as recent disappointing earnings from some
economically sensitive companies weighed on the market.
The Toronto Stock Exchange's S&P/TSX composite index
ended down 31.54 points, or 0.1%, at 22,608.03, its
lowest closing level since July 11.
"We are being dragged down by two key areas - gold and
industrials," said Philip Petursson, chief investment strategist
at IG Wealth Management. "You have some economically sensitive
companies that are disappointing (on earnings) as of late."
Shares of Canadian National Railway ( CNI ) were down 2%,
adding to the decline on Wednesday when the company reported
quarterly results that missed estimates.
The company has suspended its freight service through
Jasper, Alberta, due to raging wildfires, according to a report
in the Globe and Mail.
The industrials group was down 1.1% and materials, which
includes metal miners and fertilizer companies, lost 1.2% as
gold prices fell.
Boyd Group Services Inc was among the biggest decliners. Its
shares were down 8.2%, falling to a seven-week low.
Technology clawed back some of its recent declines, gaining
0.5%, while energy added 0.7% as the price of oil settled
0.9% higher at $78.28 a barrel.
Mullen Group Ltd ( MLLGF ) was a standout, with its shares
jumping 9.3% after the logistics provider beat earnings
estimates.