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TSX ends down 0.3% at 25,625.42
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Touches record intraday high of 25,843.20
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Technology sector loses 0.8%
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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.