(updates price, adds analyst comments)
Nov 15 (Businesshala) – Canada’s main stock index fell on Monday, weighed down by losses among energy stocks and precious metal miners, although economic data from China limited losses.
At 9:50 a.m. ET (14:50 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index was down 69.8 points, or 0.32%, at 21,698.73.
Colin Szynski, chief market strategist at SIA Wealth Management, said: “The overall general outlook is still looking very good for Canadian equities, although due to the heavy impact of commodity prices, the index is easily affected when prices weaken. “
The energy sector declined 2.2% as crude prices fell on expectations of rising supply, while higher energy costs and rising COVID-19 cases also saw an impact on demand.
The content sector declined 1.1% after rising for eight consecutive sessions.
Canada’s benchmark is up nearly 24.4% this year, supported by gains in commodity prices, in line with growth in the S&P 500 index.
Cieszynski said, “We are entering a period that has historically been favorable for stocks and unless central banks take drastic measures to tighten policy, we expect markets to do well.” will perform.”
Governor Tiff McCalem said in a newsletter that the Bank of Canada would not raise its benchmark interest rate until the slowdown in the country’s economy was absorbed, which has not yet happened, but is drawing closer.
Among shares, Burger King-parent restaurant Brands International Inc. rose 1.4%. The company said it would buy American restaurant chain Firehouse Subscriptions for $1 billion in a full-cash deal.
Pot maker TruLive Cannabis Corp posted a 64.4% jump in quarterly revenue, up 10.3%.
The TSX posted nine new 52-week highs and no new lows.
All Canadian issues had 76 new 52-week highs and a new low, with a total volume of 64.62 million shares.