TSX hits 2-week low as industrials, gold mining shares fall
TSX ends down 0.1% at 22,608.03
Posts its lowest closing level since July 11
Industrials fall 1.1%; materials end 1.2% lower
Mullen Group beats Q2 estimates, shares rise
Updates at market close
By Fergal Smith
July 25 (Reuters) -Canada's main stock index fell to a two-week low on Thursday, led by declines for industrial and metal mining shares, as recent disappointing earnings from some economically sensitive companies weighed on the market.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 31.54 points, or 0.1%, at 22,608.03, its lowest closing levelsince July 11.
"We are being dragged down by two key areas - gold and industrials," said Philip Petursson, chief investment strategist at IG Wealth Management. "You have some economically sensitive companies that are disappointing (on earnings) as of late."
Shares of Canadian National Railway CNR.TO were down 2%, adding to the decline on Wednesday when the company reported quarterly results that missed estimates.
The company has suspended its freight service through Jasper, Alberta, due to raging wildfires, according to a report in the Globe and Mail.
The industrials group was down 1.1% and materials, which includes metal miners and fertilizer companies, lost 1.2% as gold XAU= prices fell.
Boyd Group Services Inc was among the biggest decliners. Its shares were down 8.2%, falling to a seven-week low.
Technology clawed back some of its recent declines, gaining 0.5%, while energy added 0.7% as the price of oil CLc1 settled 0.9% higher at $78.28 a barrel.
Mullen Group Ltd MTL.TO was a standout, with its shares jumping 9.3% after the logistics provider beat earnings estimates.
Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Shailesh Kuber and Marguerita Choy
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