*
TSX ends down 142.37 points, or 0.7%, at 20,572.11
*
Energy falls 2.2%; oil settles 2.2% lower
*
Technology slides 2.2%
(Adds details throughout; updates prices to close)
By Fergal Smith
Jan 30 (Reuters) -
Canada's main stock index fell on Monday, pulling back from
its highest level in nearly eight months, as energy and
technology stocks lost ground at the start of a week packed with
interest rate decisions from major central banks.
The Toronto Stock Exchange's S&P/TSX composite index ended down 142.37 points, or 0.7%, at 20,572.11, its biggest decline since the start of the year. On Friday, the index posted its highest closing level since June 8.
Major U.S. stock indexes also sank. Investors expect the Federal Reserve will raise rates by 25 basis points on Wednesday, followed the day after by half-point hikes from the Bank of England and European Central Bank.
The "equity market rally is taking a breather this
morning as investors pause heading into a very consequential
week ahead," said Brandon Michael, a senior analyst at ABC Funds
in Toronto.
The energy sector lost 2.2% as oil settled 2.2% lower at $77.90 a barrel.
Technology was also down 2.2%, while the materials group, which includes precious and base metals miners and fertilizer companies, fell 0.9% as gold and copper prices weakened.
Janus Henderson Investors became the second investor in
Canada's Ritchie Bros Auctioneers to publicly come out
against the company's planned acquisition of IAA Inc .
Ritchie Bros shares advanced 1.3%.
Fairfax Financial Holdings was also a bright
spot, climbing 2.8% after BMO raised the insurer's rating to
"outperform" from "market perform".
(Reporting by Fergal Smith; Additional reporting by Shashwat
Chauhan in Bengaluru; Editing by Krishna Chandra Eluri, Shailesh
Kuber and Deepa Babington)
