(Updates prices, adds comments and details)
By Shashwat Chauhan
March 16 (Reuters) - Canada's main stock index slipped
on Thursday, dragged down by losses in materials and energy
stocks, as fears of a global banking meltdown continued to worry
investors.
By 10:13 a.m. ET (1413 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was down 174.83 points, or
0.9%, at 19,204.01.
Energy stocks were among the top decliners, with
the index losing 1.9% as oil prices fell more than 1%.
"The thing that's affected Canadian markets is the move
lower in energy stocks," said Greg Taylor, portfolio manager at
Purpose Investments.
"Energy stock had been a hiding spot in the last number of
years, but it seemed like the selling pressure across the board
caught up with them as well."
Fortuna Silver Mines was the biggest percentage
loser on TSX, shedding 5.2% after reporting a loss in the fourth
quarter. That dragged the broader materials sector down 1.2%.
Canada's technology sector also lost ground,
slipping 0.9%, mirroring declines in the tech-heavy Nasdaq on Wall Street. Financials , the largest sector by weight on the
Canadian index, extended losses, down 1.1%.
Canadian stocks have lost nearly all of their yearly gains
in the last few days, after the collapse of U.S. lenders Silicon
Valley Bank and Signature Bank sparked contagion concerns in
global financial stocks.
Meanwhile, the European Central Bank raised interest rates
by 50 basis points as promised, ignoring the financial market
chaos and calls by investors to dial back policy tightening at
least until sentiment stabilises.
In domestic data, Canadian wholesale trade increased by 2.4%
in January from December.
Shares of Transcontinental Inc rose 4.9% after
CIBC upgraded the packaging company to "outperformer" from
"neutral".
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shilpi
Majumdar)
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