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TSX down 0.4%; energy falls 1.8%; financials off 0.7%
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Bombardier shares rise 2.8% after 2025 targets impress
(Adds investor quotes and details on activity)
By Fergal Smith
March 23 (Reuters) - Canada's main stock index fell on
Thursday to its lowest closing level in nearly a week 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, its
lowest closing level since last Friday.
Wall Street seesawed to a higher close as U.S. Treasury
Secretary Janet Yellen provided reassurances that measures will
be taken to keep Americans' deposits safe, but jitters among
regional banks persisted.
"We're getting thrown in with the U.S. banks even though our
banks really don't have anything to do with these regional banks
down in the U.S.," said Allan Small, senior investment advisor
of the Allan Small Financial Group with iA Private Wealth. "When
the banking sector as a whole gets sold off, so do our banks."
The Toronto market's heavily weighted financials sector was
down 0.7%, while energy 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.
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.
Technology was another bright spot, rising 1.4%.
(Reporting by Fergal Smith; Additional reporting by Johann M
Cherian in Bengaluru
Editing by Vinay Dwivedi and Will Dunham)
