Abstract:Canada's benchmark stock index fell on Wednesday, giving back some of its gains in recent days, as investors assessed the Federal Reserve's move to raise interest rates and signal that its tightening campaign is nearing an end.
Highlight
• TSX ends down 122.14 points, or 0.6%, at 19,532.78
• Energy falls 1.4%; oil settles 1.8% higher
• Financials lose 0.8%
Canada's benchmark stock index fell on Wednesday, giving back some of its gains in recent days, as investors assessed the Federal Reserve's move to raise interest rates and signal that its tightening campaign is nearing an end.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 122.14 points, or 0.6%, at 19,532.78, preliminary data showed. On Tuesday, the index posted its highest closing level in one week.
The Fed raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. banks.
The energy group fell 1.4% even as a weaker U.S. dollar helped support oil prices. U.S. crude oil futures CLc1 settled 1.8% higher at $70.90 a barrel.
Heavily-weighted financials also lost ground, falling 0.8%, while technology ended 1.1% lower.
The materials group, which includes precious and base metals miners and fertilizer companies, was a bright spot. It climbed 0.8% as the price of gold rose.
Activist investor Engine Capital urged Parkland Corp to look at strategic options, including the sale or spinoff of non-core assets, to become a more focused fuel and convenience retailer, sending its stock 9.7% higher.
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