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TSX ends down 0.1% at 24,841.68
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For the month, the index dips 0.3%
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Energy falls 2.3% as oil settles 3.7% lower
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Quarterly results boost Loblaw Companies
(Updates at market close)
By Fergal Smith
April 30 (Reuters) - Canada's main stock index edged
lower on Wednesday, adding to its modest monthly decline, as
investors assessed U.S. gross domestic product data for signs of
trade tariffs upending the global economy.
The Toronto Stock Exchange's S&P/TSX composite index
ended down 32.8 points, or 0.1%, at 24,841.68.
For the month, it was down 0.3%, its third straight monthly
decline. Still, it has rebounded 10.4% from a near eight-month
low earlier in April.
The U.S. economy contracted for the first time in three
years in the first quarter, swamped by a flood of imports as
businesses raced to avoid higher costs from tariffs and
underscoring the disruptive nature of President Donald Trump's
often chaotic trade policy.
"The disappointing (U.S.) jobs and GDP numbers this week -
they don't really reflect the effect all these tariffs have had
yet," said Michael Sprung, president of Sprung Investment
Management.
"Going forward, it doesn't appear that things are going to
get better any time soon."
Domestic data was also downbeat, showing that gross domestic
product contracted by 0.2% in February on a monthly basis as
activities across mining, oil and gas and construction sectors
shrank.
The technology sector fell 1.8%, giving back some of its
gains in recent days. Shares of e-commerce company Shopify Inc ( SHOP )
ended 4.2% lower.
Energy was down 2.3% as the price of oil settled 3.7%
lower at $58.21 a barrel on concerns that trade tensions could
erode fuel demand.
Consumer staples added 1.7%, helped by a gain of 2.5% for
the shares of Loblaw Companies Ltd after the retailer exceeded
analysts' expectations for first-quarter revenue and profit.
The interest-rate-sensitive utilities and real estate
sectors added 1% and 0.9% respectively as bond yields fell.
The Canadian 10-year yield was down 4.7 basis points at
3.087%, trading near its lowest level since April 17.