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TSX ends down 2.52 points at 20,275.76
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Energy pulls back from four-week high
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Financials lose 0.8%
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Materials group adds 1.6% as gold rallies
(Adds details throughout; updates prices to close)
By Johann M Cherian and Fergal Smith
April 4 (Reuters) - Canada's main stock index edged
lower on Tuesday, giving up its winning streak, as energy and
financial shares lost ground amid profit-taking as well as
rising worries about the economic outlook.
The Toronto Stock Exchange's S&P/TSX composite index ended down 2.52 points at 20,275.76, following seven straight days of gains, preliminary data showed. Wall Street also ended lower as evidence of a cooling economy exacerbated worries that the Federal Reserve's campaign to rein in decades-high inflation may cause a deep downturn. "We're still setting up into the new month, so there's a lot of volatility and a lot of positioning happening," said Greg Taylor, chief investment officer at Purpose Investments.
"The higher moves in energy are fading a little bit and
we're seeing some profit taking from some of the bounce that we
got yesterday."
The energy sector fell 0.9% after jumping to a four-week
high on Monday following a surprise cut to output targets by
major oil producers, while heavily-weighted financials ended
0.8% lower.
In contrast, the materials group, which includes precious
and base metals miners and fertilizer companies, added 1.6% as
gold vaulted above $2,000 per ounce.
Technology also gained ground, advancing 0.7%.
(Reporting by Fergal Smith; Additional reporting by Johann M
Cherian in Bengaluru; Editing by Shweta Agarwal)
