TSX loses winning streak as China’s economy slows

Toronto, July 6 (BNA): Canada’s main stock index fell on Wednesday, giving up some recent gains, as sectors sensitive to the economic outlook, such as manufacturing and materials, lost ground.

The Toronto Stock Exchange Composite Index closed down 100.98 points, or 0.5%, at 20,103.89, after six straight days of gains.

Stocks also fell globally as the release of survey data for China’s service sector added to signs of a faltering recovery in the world’s second-largest economy and investors digested the minutes of the Federal Reserve’s latest meeting, Reuters reported.

said Greg Taylor, portfolio manager at Purpose Investments.

“It’s more of a downtime than anything else. There’s no panic… I think everyone is preparing for the second half (of the year).”

Industrial fell 0.7%, while the materials group, which includes precious and base metal miners and fertilizer companies, lost 1.4% as copper and gold prices fell.

Shares of Osisko Gold Royalties Ltd fell 9.8% after the company said mining veteran Paul Martin would replace Sandeep Singh as its CEO on an interim basis, effective immediately.

Shares of Teck Resources Ltd fell 3.1% after China Investment Corporation said its wholly-owned subsidiary, Fullbloom Investment Corporation, had sold some of its shares in the mine.


#TSX #loses #winning #streak #Chinas #economy #slows

Source link

READ MORE  Asian shares’ rise broadly cheered by US earnings, rally

Leave a Comment