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CANADA STOCKS-TSX pulls back from record intraday high as tech shares fall
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CANADA STOCKS-TSX pulls back from record intraday high as tech shares fall
Dec 9, 2024 1:47 PM

*

TSX ends down 0.3% at 25,625.42

*

Touches record intraday high of 25,843.20

*

Technology sector loses 0.8%

*

Materials gains 2.1% as metal prices rise

(Updates to market close)

By Fergal Smith

Dec 9 (Reuters) - Canada's main stock index ended lower

on Monday as technology and industrial shares lost ground ahead

of a key U.S. inflation report, but the decline was limited by

gains for resource shares after China pledged to stimulate its

economy.

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

ended down 66.38 points, or 0.3%, at 25,625.42, after

touching a record high of 25,843.20.

"Considering the headwind from the U.S., we're holding in

quite well," said Colin Cieszynski, chief market strategist at

SIA Wealth Management. "We're getting a boost from commodities."

The TSX's decline was less than for the major U.S. indices.

Some investors worry that U.S. consumer price index data, due on

Wednesday, could derail an expected Federal Reserve interest

rate cut this month.

The Bank of Canada is expected to continue its easing

campaign at a policy decision on Wednesday, with the majority of

economists polled by Reuters forecasting a half-percentage-point

rate cut.

The technology sector fell 0.8%, with e-commerce company

Shopify Inc down 2.5%. Industrials lost 0.7%, while utilities

ended 1.4% lower as bond yields climbed.

The materials sector, which includes fertilizer companies

and metal mining shares, advanced 2.1%. Gold and copper

prices rose as top metals consumer China said it would

take more action to boost its lethargic economy.

Energy was up 0.4% as the price of oil rose 1.4% to

$68.13 a barrel.

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