Canada's main stock index continued its decline on March 11, primarily driven by drops in financial and consumer stocks, as investors worried about the potential for slowing economic growth.
The S&P/TSX index (the main stock market index of Canada , representing the performance of the 250 largest and most liquid stocks listed), a composite of the Toronto Stock Exchange, fell 132.51 points, or 0.5%, to 24,248.20 points, its lowest closing level since October 31.
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| The S&P/TSX index fell 132.51 points, or 0.5%, to 24,248.20, its lowest closing level since October 31. (Illustrative image) |
" The market is anticipating a slowdown in future economic growth and is adjusting its valuations to reflect this," said Allan Small, senior investment advisor at Allan Small Financial Group.
The Bank of Canada has cut its benchmark interest rate by 2 percentage points since June to support the domestic economy. Investors expect the central bank to further reduce it by 0.25% on March 12.
Canada's staple consumer goods sector fell 2.8%, while shares of food retailer Empire Company Ltd. dropped 3.4%. Non-essential consumer goods declined 1.8%, the industrial sector 1.4%, and the heavily weighted financial sector 1.4%.
Shares of resource companies helped limit the decline in the TSX index (a stock index representing the volatility of stocks listed on the Toronto Stock Exchange, one of the largest exchanges in Canada).
Canada's materials sector, including fertilizer and metal mining companies, rose 2.7% as gold and copper prices surged. Canada's energy sector gained 0.7% as oil prices increased 0.3%, reaching $66.25 per barrel.
| The Bank of Canada has lowered its benchmark interest rate by 2 percentage points since June to support the domestic economy. Investors expect the central bank to further reduce it by 0.25% on March 12. |
Source: https://congthuong.vn/chung-khoan-canada-lao-doc-377864.html
