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TSX ends down 0.1%, at 20,676.74
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Technology sector falls 0.7%
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Energy stocks rise 1.3%; oil settles 1.1% higher
(Adds investor quote and details on activity)
By Fergal Smith
April 24 (Reuters) - Canadian stocks edged lower on
Monday as losses for the technology and financial sectors offset
gains for resource shares, while investors took stock of solid
gains for the market since the start of the year.
The Toronto Stock Exchange's S&P/TSX composite index ended down 16.41 points, or 0.1%, at 20,676.74, after
posting on Friday its highest closing level since Feb. 15.
Since the start of the year, the index has advanced 6.7%.
"Volatility has completely diminished," said Brandon
Michael, senior investment analyst at ABC Funds. "The market is
consolidating solid year-to-date performance."
Wall Street was also subdued as investors awaited earnings this week from some major technology companies. "Participation in the current rally is narrowing. That's consistent with the consolidation that we've seen in risk assets. The question is whether the weak breadth is temporary or the start of a significant pullback," Michael said. The Toronto market's technology sector fell 0.7%, while heavyweight financials were down 0.6%. Energy advanced 1.3% as oil settled 1.1% higher at $78.76 a barrel on optimism that holiday travel in China would boost fuel demand. Gains for energy were led by a 4.2% rise in the shares of Precision Drilling ahead of the company's results later this week. The materials sector, which includes precious and base metals miners, added 0.2%. Teck Resources Ltd , which is trying to fend off an unsolicited $22.5 billion takeover offer from Glencore Plc , should remain headquartered in Canada and help the country expand its critical minerals industry, Finance Minister Chrystia Freeland said. Its shares ended 1.2% lower. (Reporting by Fergal Smith; Additional reporting by Shristi Achar A in Bengaluru; Editing by Shilpi Majumdar and Jonathan Oatis)
