(Investor adds quote and description, updates prices)
* The TSX was down 64.14 points, or 0.3 percent, at 21,653.02 . ended on
*Energy sector down 0.5%
*Industrial end down 0.91%
* Content increases by 0.83% as gold increases
TORONTO, Nov 17 (Businesshala) – Canada’s main stock index fell on Wednesday as risk appetite lost some positive momentum, with investors looking for the next catalyst that could help propel the stock to new highs.
The Toronto Stock Exchange’s S&P/TSX composite index closed 64.14 points, or 0.3 percent, down at 21,653.02, extending its pullback from Tuesday’s record intraday high at 21,796.16.
“We are seeing the risk-on trade losing a bit of steam here,” said Elvis Picardo, portfolio manager at Luft Financial, at IA Private Wealth. “You can see that the Canadian dollar has also declined, which is a very good proxy for risk appetite.”
The Canadian dollar weakened against the greenback to its lowest level in nearly six weeks as oil prices fell and inflation in domestic data was rising in line with expectations.
“Earnings across the board have been pretty solid in the third quarter. Investors are wondering what’s next,” Picardo said.
Oil prices in the energy sector fell 0.5% due to rising COVID-19 cases in Europe. [
Industrials were down 0.91%, while the heavily weighted financial services sector declined 0.17%.
Gold prices gained as inflation worries boosted demand for the safe-haven metal. That helped the materials sector, which includes precious and base metals miners and fertilizer companies, post gains of 0.83%. (Reporting by Fergal Smith; Additional reporting by Shashank Nayar in Bengaluru and Maiya Keidan in Toronto; Editing by Peter Cooney)