(Adds investor quotes and descriptions, updates prices)
* The TSX was down 85.45 points, or 0.4%, at 21,683.08. ended on
* Technology drops 0.8%; Financial end 0.5% less
* Restaurant Brands International Inc. 1.9% profit.
TORONTO, Nov 15 (Businesshala) – Canada’s main stock index fell on Monday as investors gauged recent gains ahead of domestic data this week that could offer clues on the firmness of inflation.
The Toronto Stock Exchange’s S&P/TSX Composite Index ended 85.45 points, or 0.4%, down at 21,683.08. On Friday, TSX posted a record high of 21,768.53.
“I think people are taking a bit of a breather here,” said Michael Sprung, president of Sprung Investment Management.
“Investors are starting to worry that inflation will not be as temporary or as low as originally expected.”
Canada’s inflation report for October is due on Wednesday. Inflation hit an 18-year high of 4.4 per cent in September.
While inflation risks have increased – driven by pandemic-induced demand changes, supply disruptions and higher energy prices – the Bank of Canada continues to view the recent dynamics as fleeting, Governor Tiff McCalem told a newspaper. said in the opinion of
Still, money markets are betting that the central bank will raise interest rates here five-fold next year.
Wall Street indices closed the session near the unchanged mark as rising Treasury yields dampened appetite for technology stocks.
On TSX, technology group fell 0.8% and financial services was down 0.5%. Financials account for about 30% of the value of the Toronto market.
Industrialists were down 0.9%, while the materials group, which includes precious and base metal miners and fertilizer companies, declined 0.4%.
Among shares, Burger King-parent restaurant Brands International Inc. rose 1.9%. The company said it would buy American restaurant chain Firehouse Subscriptions for $1 billion in a full-cash deal.
Pot maker Trulive Cannabis Corp hit its highest level since July 2021, when it reported a 64.4% jump in quarterly revenue but gave back most of its gains. (Reporting by Fergal Smith; Additional reporting by Shashank Nair in Bengaluru; Editing by Peter Cooney)