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TSX ends down 0.4%
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Energy falls 1.8%
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Financials end 0.7% lower
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Bombardier shares rise 2.8%
(Adds details throughout; updates prices)
By Johann M Cherian and Fergal Smith
March 23 (Reuters) - Canada's key stock index fell on
Thursday as the energy and financial sectors lost ground, while
shares of Bombardier Inc rallied after the company's
targets for 2025 impressed investors.
The Toronto Stock Exchange's S&P/TSX composite index ended down 72.86 points, or 0.4%, at 19,459.92,
preliminary data showed.
The energy sector fell 1.8% as the price of oil settled 1.3%
lower at $69.96 a barrel.
Oil fell after U.S. Energy Secretary Jennifer Granholm told
lawmakers that refilling the country's Strategic Petroleum
Reserve (SPR) may take several years.
Heavily weighted financials were down 0.7% as concerns about
the global banking sector lingered following interest rate hikes
by the Swiss National Bank and the Bank of England.
Bombardier shares ended up 2.8% after the company raised its
2025 revenue and free cash flow targets at its investor day,
banking on strong demand for private flights.
"Bombardier as a large conglomerate has done a relatively
good job of shedding its non-core assets and realigning itself
as a business jet provider," said David Pepall, portfolio
manager at Aventine Investment Counsel.
(Reporting by Johann M Cherian in Bengaluru
Editing by Vinay Dwivedi and Will Dunham)
