(Updates at market close)
TSX ends down 0.6%, at 30,458.80
Energy loses 1.9% as oil settles 1.4% lower
Materials group rises 1.9% as gold hits a record high
By Ragini Mathur and Fergal Smith
TORONTO, Oct 16 (Reuters) – Canada’s main stock index pulled back on Thursday from a record high as declines for financial and energy shares offset gains for metal miners.
The S&P/TSX composite index ended down 178.32 points, or 0.6%, at 30,458.80, after notching a record closing high on Wednesday. Since the start of the year, the index has added 23.2%.
“The Canadian stock market is in a sweet spot with precious metals experiencing a tremendous surge and gold miners occupying a significant position within the TSX,” said Matt Skipp, President of SW8 Asset Management.
The materials group accounts for 17% of the TSX’s market capitalization. That’s the second heaviest weighting behind financials, which has a weighting of 32%. Financials fell 1.7% on Thursday as signs of weakness in U.S. regional banks spooked investors, while energy was down 1.9%. The price of oil settled 1.4% lower at $57.46 a barrel, its lowest level in five months.
The real estate sector also lost ground, falling 0.7%, after mixed domestic housing data for September. Canadian home sales fell 1.7% last month from August, ending a string of increases that began in April, while housing starts rose 14%.
The materials group added to its recent gains, rising 1.9%, as the price of gold climbed to another record high. Shares of Agnico Eagle Mines Ltd were up 3.8% and Barrick Mining Corp added 2.8%. (Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Sahal Muhammed and David Gregorio)
