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TSX ends down 91.18 points, or 0.4%, at 20,515.24
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Posts its lowest closing level since Jan. 20
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Energy falls 3.5%, oil settles 2.7% lower
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Air Canada falls on larger-than-expected loss
(Adds details throughout, updates prices)
By Shristi Achar A and Fergal Smith
Feb 17 (Reuters) - Canada's main stock index fell on Friday to its
lowest closing level in four weeks, including losses for commodity-linked
stocks, as investors weighed how much further central banks will raise interest
rates.
The Toronto Stock Exchange's S&P/TSX composite index ended down
91.18 points, or 0.4%, at 20,515.24, its lowest closing level since Jan. 20. For
the week, the index lost 0.5%.
U.S. benchmark the S&P 500 also fell as investors worried that inflation and
a strong U.S. economy could put the Federal Reserve on pace for more interest
rate hikes.
"There is some caution from investors as they are repricing how far central
banks have to go to slow the economy down," said Angelo Kourkafas, an investment
strategist at Edward Jones Investments.
The Toronto market's energy sector fell 3.5% as the price of oil settled
2.7% lower at $76.34 a barrel, while the materials group, which includes
precious and base metals miners and fertilizer companies, lost 1.7%.
It was pressured by a 6.1% drop in the shares of Agnico Eagle Mines as TD Securities cut its target price on the stock after the release of
quarterly results.
Air Canada was also a big decliner. The airline's shares fell
8.4%after it reported a larger-than-expected quarterly loss.
Financials were among the sectors that gained ground, rising 0.3%, as
Fairfax Financial Holdings Ltd beat estimates with its quarterly
earnings. Its shares rose 7.4%.
(Reporting by Shristi Achar A in Bengaluru; Editing by Alden Bentley, Shailesh
Kuber and Deepa Babington)
