TSX inches lower as tech and mining shares fall
SPY•Canada’s S&P/TSX Composite Index fell 16.06 points, or 0.04%, to 36,249.03, as mining and technology shares declined. Materials dropped 2.9%, while investors saw an roughly 80% chance of a Federal Reserve rate hike in December.
1. Index slips at close
Canada’s main stock index edged lower on Thursday, ending a three-day winning streak as mining and technology shares fell. The S&P/TSX Composite Index lost 16.06 points, or 0.04%, to 36,249.03.
2. Rate outlook weighs
U.S. economic growth reached its fastest pace in a year in the third quarter, while price pressures picked up in September. Investors saw about an 80% chance of a Federal Reserve rate hike in December; they were fully pricing in another Bank of Canada hike by January after the central bank raised rates on Wednesday for the first time in three years. The materials group fell 2.9% as expectations for tighter Fed policy weighed on gold, and technology shares lost 1.2%.
3. Company shares diverge
Alamos Gold fell 9.1% after quarterly results missed estimates, while Bausch Health Companies rose 28.3% after its results beat estimates. Allied Properties tumbled 18.9% after reporting rental revenue down 6.6% year over year. Financials gained 1%, and most other major sectors ended higher.
