Canada's main stock index fell to a five-week low on Friday, led by declines for financial and industrial shares, as domestic data showed hotter-than-expected inflation and fears of a global trade war gripped investors. Canada's annual inflation rate in February jumped to a three-year high while January retail sales put in another disappointing performance, giving the Bank of Canada room to ponder when next to hike interest rates.
Financials, which account for more than one-third of the weight of the TSX, fell 1.6 percent. Toronto-Dominion Bank declined 2.3 percent to C$73.21. And Royal Bank of Canada was down 1.4 percent at C$99.21. Industrials fell 1.4 percent as railroad shares lost ground. The Toronto Stock Exchange's S&P/TSX composite index ended down 176.19 points, or 1.14 percent, at 15,223.74, its lowest close since February 13.
On Thursday, the TSX registered its biggest one-day percentage drop since September 2016. For the week, the index fell 3.1 percent. The energy group fell 1 percent even as oil prices climbed. US crude oil futures settled 2.5 percent higher at $65.88 a barrel. Eight of the index's 10 main groups ended lower.
The materials group, which includes precious and base metals miners and fertilizer companies, added 0.6 percent. Gold futures rose 1.7 percent to $1,349.3 an ounce, boosted by demand for safe-haven assets. The largest percentage gainer on the TSX was Kinross Gold, which rose 6.2 percent, while the largest decliner was Lundin Mining, down 6.0 percent. The TSX posted three new 52-week highs and 15 new lows.
Comments
Comments are closed for this article.