11 months ago
TSX Pulls Back from Record High as Materials Sector Dips
Canada's main stock market, the TSX, took a break after hitting its highest point ever.
This happened because some investors decided to sell some of their stocks.
The companies involved in metal mining, like Teck Resources, lost value.
Investors are waiting to see what the Bank of Canada and the Federal Reserve will do regarding interest rates.
This is influenced by economic factors like weak labor market data and lower-than-expected inflation.
Also, the price of oil increased slightly.
Melanie Joly, the Canadian Industry Minister, plans to discuss the merger of Anglo American and Teck Resources.
TSX ended down 0.4% at 29,315.23.
The index pulled back from a record closing high on Monday.
The materials group declined 1.9%.
Teck Resources shares decreased by 4.3%.
Energy sector increased 2.5% as oil rose to $64.52 a barrel.
- Who
- S&P/TSX composite index
- What
- Pulled back from a record high closing value.
- Where
- Canada
- When
- Tuesday, September 16th
- Why
- Due to profit-taking and anticipation of central bank policy decisions.
Key facts
- Index Movement
- TSX ended down 0.4%
- Closing Value
- 29,315.23
- Materials Group Decline
- 1.9%
- Teck Resources Loss
- 4.3%
- Oil Price
- $64.52 a barrel
Quotes
Christine Tan
a portfolio manager at SLGI Asset Management
“Some of the data, in Canada especially, on the jobs side has been very weak.”
livemint.com
“The market is taking a bit of a breather - it has been a long rally.”
livemint.com
