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TSX ends down 0.4% at 27,259.78
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For July, the index advances 1.5%
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Energy falls 1.2% as oil settles lower
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Canada Goose tumbles 14.3% after quarterly loss
(Updates at market close)
By Sanchayaita Roy and Fergal Smith
July 31 (Reuters) - Canada's main stock index gave back
on Thursday some of its monthly gain, with energy and technology
shares declining as investors assessed corporate earnings and
uncertain prospects for a trade deal between Canada and the
United States.
The S&P/TSX composite index ended down 110.18
points, or 0.4%, at 27,259.78, extending its pullback from a
record closing high on Tuesday. For the month, the index was up
1.5%, its third straight monthly gain.
"While corporate profits are in the spotlight this week and
today ... we still have a relatively favorable backdrop as the
U.S. and Canadian economies are holding up ok despite some of
the trade uncertainty that still persists, especially in
Canada," said Angelo Kourkafas, senior global investment
strategist at Edward Jones.
Canadian gross domestic product decreased by 0.1% in May on a
monthly basis but preliminary estimates showed the economy
regaining the lost ground in June and posting annualized growth
of 0.1% for the second quarter. The Bank of Canada has projected
a second-quarter contraction of 1.5%.
U.S. President Donald Trump has intensified his trade war with
Canada ahead of his August 1 deadline for a tariff agreement,
saying it would be "very hard" to make a deal with Canada after
it gave its support to Palestinian statehood.
The energy sector fell 1.2% as the price of oil
settled 1.1% lower at $69.26 a barrel.
Technology lost 1% and industrials were down 0.8%.
Bombardier shares dipped 0.7%. The business jet
maker reported a slight drop in second-quarter revenue, though
its net income beat analyst expectations.
Luxury goods maker Canada Goose Holdings ( GOOS ) posted a
bigger-than-expected quarterly loss. Its shares tumbled 14.3%,
while shares of Bausch Health Companies ( BHC ) ended 7.7%
lower after the pharmaceutical firm reported its quarterly
results.
Of ten major sectors, only materials, which
includes metal mining shares, ended higher. It rose 0.5% as the
price of gold clawed back some recent declines.