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TSX ends down 3.85 points at 20,680.83
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Energy falls 0.8%; oil settles 2.1% lower
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Materials sector loses 1.2%
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Canadian housing starts fall 11% in March
(Adds details on activity, updates prices to close)
By Fergal Smith
April 19 (Reuters) - Canada's main stock index ended its
recent winning streak on Wednesday as lower commodity prices
weighed on the energy and materials sectors, but the index
clawed back much of its earlier decline in a positive sign for
the market's outlook.
The Toronto Stock Exchange's S&P/TSX composite index ended down 3.85 points at 20,680.83, after eight
straight days of gains, preliminary data showed. On Tuesday, it
notched its highest closing level in two months.
"We've seen some buying coming in any time the market has
dipped a little bit," said Elvis Picardo, a portfolio manager at
Luft Financial, iA Private Wealth. "I think that's an
encouraging note."
The energy sector dropped 0.8% as the price of oil settled 2.1% lower at $79.16 a barrel, pressured by potential U.S. interest rate hikes that could slow growth and curb oil consumption. The materials sector , which includes precious and base metals miners, was also down, falling 1.2%, as gold and copper prices declined. Helping to cap the TSX's decline were gains for the industrials and heavily weighted financials sectors. They advanced 0.6% and 0.4% respectively. Meanwhile, domestic data showed housing starts falling 11% in March, contributing to a slower trend in recent months that follows a rapid increase in borrowing costs. (Reporting by Fergal Smith; Additional reporting by Shristi Achar A in Bengaluru; Editing by Shailesh Kuber and Jonathan Oatis)
