* TSX ends down 0.4% at 33,477.71
* Tech falls 2.1%, with Shopify ( SHOP ) down 6.5%
* BlackBerry jumps 7.4% after upbeat Q1 revenue forecast
* Energy loses 1.6% even as oil settles higher
(Updates at market close)
By Fergal Smith
April 9 (Reuters) - Canada's main stock index gave back
some of its recent gains on Thursday as investors assessed a
fragile ceasefire in the Middle East and the potential for
artificial intelligence to upend the business models of software
companies.
The Toronto Stock Exchange's S&P/TSX Composite Index
ended down 142.86 points, or 0.4%, at 33,477.71,
after six straight days of gains.
"When we look at the markets right now it's just all about
the uncertainty around the war," said Philip Petursson, chief
investment strategist at IG Wealth Management.
Israeli Prime Minister Benjamin Netanyahu said he is seeking
direct talks with Beirut, a day after the worst bombardment of
the war killed more than 300 people in Lebanon and placed the
truce between the U.S. and Iran in jeopardy.
The technology sector fell 2.1%, with shares of
e-commerce company Shopify Inc ( SHOP ) down 6.5%.
"On the tech side ... it's pressure coming from AI
disruption. What it might mean for software and services
companies and how much of a displacement is being priced into
these stocks today," Petursson said.
"It's leaving in the path much better valuation for these
stocks and in some cases very attractive entry points."
BlackBerry Ltd ( BB ) was a bright spot. Its shares added
7.4% after the software company forecast first-quarter revenue
above estimates.
Energy was down 1.6% even as the price of oil
settled 3.7% higher at $97.87 a barrel. Still, energy has
advanced nearly 33% since the start of the year.
Consumer staples lost 2.3% and the materials
group, which includes metal mining shares, ended 0.6%
lower.
Three of the 10 major sectors ended higher, including heavily
weighted financials, which added 0.8%.
Royal Bank of Canada ( RY ) plans to deploy up to C$1
billion over the coming years to form a growth fund and make
equity investments to support homegrown companies, CEO Dave
McKay said. Shares of Canada's largest lender ended 0.7% higher.