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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 investor quotes, details on activity)
By Fergal Smith
April 4 (Reuters) - Canada's main stock index ended
slightly lower on Tuesday, giving up its winning streak, as
energy and financial shares lost ground following U.S. data that
raised 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. Wall Street also ended weaker as data showed U.S. job openings dropping to the lowest in nearly two years and factory orders falling for a second straight month. "It is hard to read anything into the day-to-day volatility that we're seeing but today some of the numbers that came out on the economy had people a bit worried in the U.S. which probably affected up here as well," said Michael Sprung, president of Sprung Investment Management.
"In my view there is still a pretty good chance that we are heading into a recession of some sort. I don't know how long or how deep." 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 as shares of Toronto-Dominion Bank lost 1.5%. Some shareholders told Reuters the bank should abandon or renegotiate its $13.4 billion acquisition of U.S. lender First Horizon as the regional banking crisis has unearthed unknown risk. The materials group, which includes precious and base metals miners and fertilizer companies, helped limit the Toronto market's decline. It added 1.6% as gold vaulted above $2,000 per ounce, while technology was also a bright spot, advancing 0.7%. (Reporting by Fergal Smith; Additional reporting by Johann M Cherian in Bengaluru; Editing by Shweta Agarwal and Richard Chang)
