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TSX ends down 5.14 points, at 20,188.19
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Posts its lowest closing level in six weeks
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Financials fall 0.6%
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Energy rallies 1.9%; oil settles nearly 2% higher
(Adds analyst quote and details throughout, updates prices)
By Fergal Smith
Feb 23 (Reuters) - Canada's main stock index edged lower
on Thursday, extending its recent losing streak, as losses for
financials ahead of the start of bank earnings season offset a
rally in energy shares and investors worried about the economic
outlook.
The Toronto Stock Exchange's S&P/TSX composite index ended down 5.14 points, at 20,188.19, its lowest
closing level since Jan. 11.
It was the fifth straight day of declines for the index, its
longest losing streak since December, as investors globally
braced for additional interest rate hikes by the Federal
Reserve.
"Stocks are softening on rising fears that the Fed is going
to send this economy into recession," Edward Moya, a senior
market analyst at OANDA, said in a note.
Financials, the most heavily-weighted sector on the TSX,
fell 0.6%, adding to this week's decline.
Canadian Imperial Bank of Commerce is due to report
earnings on Friday. It will be the first of the major banks to
report for the latest quarter.
The materials group, which includes precious and base metals
miners and fertilizer companies, was also a drag, falling 0.7%
as the price of copper fell more than 3%.
In contrast, energy rallied 1.9% after five straight days of
declines as oil settled nearly 2% higher at $75.39 a
barrel.
Upbeat corporate earnings also helped. With more than half
the companies on the TSX having reported results, 63.3% have
topped fourth-quarter earnings expectations, as per Refinitiv
data.
Shares of Bausch Health Cos jumped 13.8%, after the
medical device maker beat revenue estimates for the fourth
quarter.
Stantec Inc shares climbed 9.3% as the construction
company beat fourth-quarter profit estimates and after RBC
Capital Markets upgraded the stock to "outperform".
And Loblaw Companies Ltd gained 1.8% after the
retailer forecast annual earnings above analysts' expectations
and fourth-quarter results beat estimates.
(Reporting by Fergal Smith; Additional reporting by Shristi
Achar A in Bengaluru; Editing by Sriraj Kalluvila and Alistair
Bell)
