financetom
World
financetom
/
World
/
CANADA STOCKS-TSX pulls back from record high on rate cut uncertainty
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CANADA STOCKS-TSX pulls back from record high on rate cut uncertainty
Apr 2, 2024 1:58 PM

*

TSX ends down 0.5% at 22,075.10

*

Communication, real estate stocks decline

*

Energy rises 1.2%; oil settles 1.7% higher

*

Metal miners gain as gold posts new record high

(Updates at market close)

By Purvi Agarwal and Fergal Smith

April 2 (Reuters) - Canada's main stock index ended

lower on Tuesday, giving back some recent gains, as increased

uncertainty around the timing of expected Federal Reserve

interest rate cuts weighed on the communication services and

real estate sectors.

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

ended down 110.15 points, or 0.5%, at 22,075.10,

pulling back from a record closing high on Monday.

"This modest weakness is really driven by concerns that the

economic strength in the U.S. and higher oil prices in the last

couple of days could delay the Fed's rate cuts", said Angelo

Kourkafas, senior investment strategist at Edward Jones

Investments.

Canada's 10-year bond yield touched its highest

level since mid-February at 3.678%.

High-dividend paying sectors such as communication services

and real estate could particularly benefit from lower borrowing

costs. Communication services fell 2.1% and real estate was down

1.3%.

Industrials and heavily-weighed financials were also a drag,

with both sectors losing 1%. Helping to offset those declines

were gains for resource shares.

The energy sector added 1.2% as oil settled 1.7%

higher at $85.15 a barrel. The move in oil came as supplies face

fresh threats from Ukrainian attacks on Russian energy

facilities.

The materials sector, which includes metal miners and

fertilizer companies, added 0.6% as copper prices rose

and gold climbed to a fresh record high.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Morning Bid: Tech becalmed, April PMIs start rolling in
Morning Bid: Tech becalmed, April PMIs start rolling in
Apr 22, 2024
(Reuters) - A look at the day ahead in Asian markets. Asian stocks should have a spring in their step on Tuesday after a positive start to the week locally and globally on Monday, supported by a recovery in tech shares, calm in fixed income markets, and a cooling in geopolitical tensions. Tuesday's economic calendar is pretty full, with purchasing...
EMERGING MARKETS-Mexico's peso extends slide, Brazil's real jumps on changing rate cut expectations
EMERGING MARKETS-Mexico's peso extends slide, Brazil's real jumps on changing rate cut expectations
Apr 22, 2024
* Mexican economy grows 1.4% in February from January * Brazil's Campos Neto indicates BCB may slow pace of rate hikes * (Updated at 3:45pm ET/1945 GMT) By Bansari Mayur Kamdar April 22 (Reuters) - The Mexican peso kicked off the week lower on Monday as a strong dollar continued to roil the South American currency, but Brazil's real jumped...
CANADA STOCKS-TSX claws back some April declines as sentiment improves
CANADA STOCKS-TSX claws back some April declines as sentiment improves
Apr 22, 2024
* TSX ends up 0.3% at 21,871.96 * Notches fourth day of gains * Technology gains 1.2%; financials add 0.6% * Materials sector declines as gold falls (Updates at market close) By Fergal Smith April 22 (Reuters) - Canada's main stock index rose on Monday, helped by gains for technology and financial shares, as investor sentiment showed signs of recovering...
MORNING BID ASIA-Tech becalmed, April PMIs start rolling in
MORNING BID ASIA-Tech becalmed, April PMIs start rolling in
Apr 22, 2024
April 23 (Reuters) - A look at the day ahead in Asian markets. Asian stocks should have a spring in their step on Tuesday after a positive start to the week locally and globally on Monday, supported by a recovery in tech shares, calm in fixed income markets, and a cooling in geopolitical tensions. Tuesday's economic calendar is pretty full,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved