TSX ends down 0.4% at 29,283.82
Industrials lose 1%, tech ends 0.8% lower
For the week, the index advances 0.8%
Sept 12 – Canada’s main stock gave back some of its weekly gain on Friday, with declines for technology and industrial shares, as investors braced for interest rate decisions next week by the Bank of Canada and the Federal Reserve.
The S&P/TSX composite index ended down 124.07 points, or 0.4%, at 29,283.82, pulling back from a record closing high on Thursday.
For the week, the index advanced 0.8%, its sixth straight weekly gain as gold’s record-setting run bolstered metal mining shares.
“It’s still a momentum-driven market,” said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James.
“We could see some volatility next week … If we do correct for the next couple of weeks after the Fed announcement, the BoC announcement, I do think investors will probably snap up those equities going into Q4.”
Both the Bank of Canada and the Federal Reserve are expected to resume their easing campaigns next Wednesday. The Canadian central bank has been on hold since lowering its benchmark rate to 2.75% in March.
Technology fell 0.8%, industrials lost 1% and heavily weighted financials ended 0.5% lower. Three of 10 major sectors avoided declines, with energy barely changed as the price of oil settled 0.5% higher at $62.59 a barrel.
Canada’s government is in discussions with energy companies and the oil-producing province Alberta about eliminating a federal cap on emissions from the country’s oil and gas sector if the industry and province reduce their carbon footprint in other ways, three sources with knowledge of the talks said on Thursday.
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