TSX ends down 0.03% at 26,497.57
Advance estimate shows retail sales down 1.1% in May
Technology sector declines 0.5%
Two sectors end higher, including financials
June 20 – Canada’s main stock index was barely changed on Friday, holding near its recent record high, as investors assessed developments in the Middle East conflict and domestic data that showed signs of an economic slowdown.
The S&P/TSX composite index ended down 8.43 points, or 0.03%, at 26,497.57, extending its sideways pattern since notching a record closing high on June 12. For the week, the index was also down 0.03%. “The fundamental theme is one of market resilience,” said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth.
“We have a lot of moving parts. You’ve got geopolitical risk, you’ve got trade talks, you’ve got central bank action – a host of elements which make it difficult to predict where we’ll be in the second half of the year and yet investor sentiment is still leaning towards risk-on, still concerned about the fear of missing out rather than encountering a sudden downside.”
Canada’s retail sales were up in April on a monthly basis but were below estimates, while advanced data showed a drop of 1.1% in May.
“The advance estimate sets a somber tone for the second quarter,” Maria Solovieva, an economist at TD Economics, said in a note. “In addition, our internal credit and debit card spending data shows a meaningful softening in spending through May, suggesting that consumers tightened their purse strings.”
The technology sector fell 0.5%, with technology consulting company CGI Inc down 2.1%. Consumer staples was also a drag, losing 0.5%.
Ltd is weighing options to expand production of germanium, a strategic metal key to chipmaking, and is currently talking with governments, including Canada and the United States, on available funding, the company told Reuters. Shares of Teck were down 1.2%.
Just two of the 10 major sectors ended higher but they included financials, the most heavily weighted sector. It added 0.1%.
This article was generated from an automated news agency feed without modifications to text.
