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CANADA STOCKS-TSX hits 3-week low as weekly winning streak ends
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CANADA STOCKS-TSX hits 3-week low as weekly winning streak ends
Dec 13, 2024 2:08 PM

*

TSX ends down 0.5% at 25,274.30

*

Posts its lowest closing level since Nov. 20

*

Materials group loses 1.7% as metal prices fall

*

Enghouse Systems ( EGHSF ) falls 12.9% after revenue miss

(Updates at market close)

By Fergal Smith

Dec 13 (Reuters) - Canada's main stock index fell to a

three-week low on Friday as a drop in metal prices weighed on

the materials sector, with the market giving back some of the

robust gains accumulated since the U.S. presidential election.

The Toronto Stock Exchange's S&P/TSX composite index

ended down 136.41 points, or 0.5%, at 25,274.30, its

lowest closing level since Nov. 20.

For the week, the TSX was down 1.6%, after posting five

straight weekly gains. It notched a record high earlier this

month and has gained 4.6% since the beginning of November.

"We have been running a very strong month following the U.S.

presidential election and this mean reversion that we're seeing

in broad indices is not out of the ordinary," said Sid Mokhtari,

chief market technician for CIBC Capital Markets.

"For Canada, I would say we probably are going to stay range

bound for a little longer until we go into the inauguration in

the U.S. and we see what kind of tariff threats we may get from

the U.S. side."

The inauguration of Donald Trump as U.S. president is set to

take place on Jan. 20. Trump has vowed to impose a 25% tariff on

imports from Canada and Mexico as one of his first executive

orders.

Canada will respond robustly if the United States imposes

unjustified tariffs on Canadian exports, Finance Minister

Chrystia Freeland said.

The materials group, which includes fertilizer companies and

metal mining shares, fell 1.7%, extending its losses from the

previous day, as gold and copper prices declined.

Energy fell 0.5% and industrials were down 0.7%.

Shares of Enghouse Systems Ltd ( EGHSF ) tumbled 12.9% after

the software solutions firm missed fourth-quarter revenue

estimates.

Nine of 10 major sectors posted declines. The exception was

technology which was aided by a 9.1% gain for electronics firm

Celestica Inc. ( CLS )

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