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TSX ends down 0.6% at 20,159.55
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TD Bank Group extends decline
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Technology falls 1.9%
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Industrials end 1.8% lower
(Adds details throughout; updates prices to close)
By Shristi Achar A and Fergal Smith
April 5 (Reuters) - Canada's main stock index fell on
Wednesday as TD Bank extended losses for a second straight
session, while economic data fueled worries that the U.S.
economy was headed for a recession.
The Toronto Stock Exchange's S&P/TSX composite index ended down 116.21 points, or 0.6%, at 20,159.55,
preliminary data showed.
"We are entering a new quarter and there are some signs of a
growth slowdown," said Angelo Kourkafas, investment strategist
at Edward Jones Investments.
"As we think about what happened with the banks over the
past month, the market attention will turn to the economic data
to gauge the potential fallout from this stress."
Wall Street's S&P 500 and Nasdaq Composite indexes fell as
weaker-than-expected private payrolls data for March deepened
worries that the rapid interest rate hikes by the Federal
Reserve may tip the U.S. economy into a recession.
The Toronto market's technology sector lost 1.9% and
industrials were down 1.8%.
Hedge fund bets against TD Bank Group hit $4.2
billion, making it the most-shorted banking stock globally,
according to data provider ORTEX's calculations, with some
analysts concerned about the bank's exposure to U.S. regional
lenders.
TD's shares ended 1.3% lower, weighing on financials.
The heavily weighted sector fell 0.5%, while energy was also a
drag, falling 0.6% as oil settled 0.1% lower at $80.61 a barrel.
(Reporting by Shristi Achar A in Bengaluru; Editing by Shweta
Agarwal and Richard Chang)
