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Toronto market ends lower as energy shares slide

Veuillez noter que cet article se trouve sur une plateforme tierce et qu'il n'est disponible qu'en anglais.

This article, written by Purvi Agarwal, was originally published on Reuters on April 11, 2024, and features insights from Scott Blair, Chief Investment Officer at CWB Wealth Management Ltd.

Canada's main stock index lost ground for a second straight day on Thursday as lower oil prices weighed on energy shares, but the index clawed back much of its earlier decline.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab ended down 89.02 points, or 0.4%, at 22,110.11, after touching its lowest intraday level since March 27 at 21,985.68.

The recovery from session lows came as U.S. producer price data revived hopes that inflation remains in a cooling trend. Investors were rattled on Wednesday by data showing U.S. consumer prices rose more than expected last month.

"Anything that shows that inflation is not as resilient as yesterday's print will be helpful for U.S. (interest) rate cut prospects, which will be helpful for our (Canadian) prospects," said Scott Blair, chief investment officer at CWB Wealth.

The energy sector fell 1.9% (.SPTTEN), opens new tab as the price of oil settled 1.4% lower at $85.02 a barrel. Oil's recent rally has stalled since the commodity notched a six-month high last Friday.

Heavily weighted financials also fell, ending 0.4% lower (.SPTTFS), opens new tab, and industrials lost 0.9% (.GSPTTIN), opens new tab.

Technology was one of the bright spots, rising 0.5 (.SPTTTK), opens new tab. And the materials group, which includes metal miners and fertilizer companies, added 0.3% (.GSPTTMT), opens new tab as gold climbed to a fresh record high.

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