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CANADA STOCKS-TSX hits 2-week low as industrials, gold mining shares fall
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CANADA STOCKS-TSX hits 2-week low as industrials, gold mining shares fall
Jul 25, 2024 1:58 PM

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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.

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