TSX tumbles to three-week low; still posts monthly gain
TSX ends down 1.43% at 24,156.87
For the month, the TSX gains 0.65%
Materials group falls 2.4% as gold drops
Tech loses 2.8 with Open Text down 11.1%
Updates at market close
By Nikhil Sharma and Fergal Smith
Oct 31 (Reuters) -Canada's main stock index gave back much of its monthly gain on Thursday as it fell to a three-week low in a wider selloff that was led by technology shares.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 350.92 points, or 1.43%, at 24,156.87, its lowest closing level since Oct. 8. For the month, the index was up 0.65%, its fourth straight monthly increase.
"The run that the market's had lately ... a pullback is expected," said Michael Constantino, CEO of Webull Canada.
U.S. stocks slumped after Microsoft and Meta Platforms highlighted growing artificial intelligence costs that could affect their earnings, curbing enthusiasm for megacap stocks that have fueled the market rally this year.
"It's unusual for the Canadian market to totally detach from the U.S. on a short-term basis," said Brian Madden, chief investment officer at First Avenue Investment Counsel. "So, selling pressure in the U.S. taints the sentiment in Canada."
The materials group, which includes fertilizer companies and metal mining shares, fell 2.4% as gold pulled back from a record high. Still, the index has climbed more than 30% since the start of 2024.
"We're still seeing some client interest in financials and materials," Webull Canada's Constantino said. "They've been winners all year so clients are still picking their spots."
Financials were down 1.4% on Thursday, while technology ended 2.8% lower as Open Text Corp OTEX.TO lost 11.1% after reporting quarterly revenue that missed analysts' estimates.
Energy fell 1.2%, with Cenovus Energy Inc CVE.TO down 3.4% after posting a 56% slump in third-quarter profit due to a decline in production.
Bausch Health Companies Inc BHC.TO was a bright spot, with its shares jumping 12.7% after the drugmaker reported stronger-than-expected third-quarter earnings.
Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Vijay Kishore and Diane Craft
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.