TSX Retreats After Hitting New Record High
(RTTNews) - After opening modestly higher and moving further up, the Canadian market pared some gains subsequently, but remained in positive territory a little past noon on Monday, thanks to gains in materials and technology sectors.
Healthcare, consumer discretionary, consumer staples and communications stocks shed ground, resulting in the market's fall from higher levels.
Concerns about trade following U.S. President Donald Trump's threat that his administration would impose a 100% tariff on Canada weighed on sentiment.
Meanwhile, investors looked ahead to the monetary policy announcements from the Bank of England and the Federal Reserve, due on Wednesday.
The benchmark S&P/TSX Composite Index, which rose to a new record high of 33,428.44, dropped to 33,262.96, but remained in positive territory, gaining 117.98 points or 0.36%.
The Materials Capped Index climbed 3.3% as several stocks from the sector surged, riding on firm metal prices. Eldorado Gold jumped 8.4%, First Majestic Silver rallied 8% and Aya Gold & Silver soared 7.7%.
Orla Mining, Centerra Gold, Silvercorp Metals, Wesdome Gold Mines, Ivanhoe Mines, Endeavour Silver Corp., Vizsla Silver Corp., Equinox Gold Corp., Skeena Resources, Taseko Mines and Ero Copper moved up 5 to 6.3%.
Technology stocks Coveo Solutions, Celestica, Constellation Software, Tecsys., Descartes Systems Group and Computer Modelling Group gained 1.2 to 3%.
Bombardier Inc., Ag Growth International, Labrador Iron Ore Royalty, North West Company, Cogeco Inc., Alimentation Couche-Tard, Restaurant Brands International, Aritzia, ATS Corporation, CAE Inc., Rogers Communications, WSP Global and CCL Industries lost 1.3 to 4%.
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