Toronto edges lower as commodity prices slide
TSX ends down 0.1% at 25,410.35
Energy falls 1.8% as oil settles 3.2% lower
Materials group loses 2.2%
CI Financial jumps 30% on take-private deal
Updates at market close
By Nikhil Sharma and Fergal Smith
Nov 25 (Reuters) -Canada's main stock index ended lower on Monday as a drop in commodity prices weighed on resource shares, offsetting the boost to investor sentiment globally from the nomination of Scott Bessent as U.S. Treasury secretary.
The S&P/TSX composite index .GSPTSE ended down 33.93 points, or 0.1%, at 25,410.35, pulling back from a record closing high on Friday.
The energy sector lost 1.8% as the price of oil CLc1 settled 3.2% lower at $68.94 a barrel after multiple reports that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict.
Gold XAU=, which has benefited recently from its safe-haven appeal, also fell. The materials group, which includes gold miners and fertilizer companies, ended 2.2% lower.
Wall Street's main indexes ended higher after Bessent's nomination helped push bond yields lower. Some investment strategists say Bessent could take measures to restrain further government borrowing even as he follows through on fiscal and trade campaign pledges.
"I think that people are seeing him as favorable towards equity markets," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
The Canadian 10-year yield was down 12.1 basis points at 3.306%, tracking moves in U.S. Treasuries. That helped boost interest rate sensitive sectors such as real estate, which added 2.5%.
Technology rose 1.3% and industrials ended up 0.8%.
CI Financial Corp CIX.TO was a standout. Its shares jumped 30% after the asset and wealth manager said that Abu Dhabi's Mubadala Capital would take the company private in a C$12.1 billion ($8.66 billion) all-cash deal, including debt.
Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Shreya Biswas and Alistair Bell
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
