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CANADA STOCKS-Toronto index down as tech shares weigh

reuters.com · 04/29/2022 10:37
CANADA STOCKS-Toronto index down as tech shares weigh

Updates prices, adds analyst comments

By Amal S

- Canada's main stock index fell on Friday, as the technology sector echoed a downbeat mood on Wall Street following Amazon's disappointing forecast, although the index was on track for nine straight months of gains.

At 9:41 a.m. ET (13:41 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 82.69 points, or 0.39%, at 21,038.37.

U.S. stocks fell as Amazon pressured growth stocks. Toronto-listed technology .SPTTTK shares dipped 1.1%, reflecting the drop on Wall Street.

"Amazon's update was worrying as it not only put the company into its first quarterly loss since 2015, but it also painted a gloomy picture for the retail market in general," said Russ Mould, investment director at AJ Bell.

The energy sector .SPTTEN climbed 0.7% as oil prices rose for a fourth day as fears over Russian supply disruption overshadowed COVID-19 lockdowns in China, the world's biggest crude importer.O/R

The financial sector .SPTTFS slipped 0.4%, while the industrial sector .GSPTTIN fell 1%, dragged down by a 22% fall in shares of NFI Group NFYEF following downbeat 2022 forecast.

The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, added 0.5% as gold futures GCc1 rose 1.4% to $1,915 an ounce boosted by a pullback in the dollar. GOL/

The TSX benchmark index is on track to record its ninth straight month of gains as its wider exposure to resources-linked sectors has helped it sidestep worries about inflation and geopolitical tensions.

On the economic front, domestic economy most likely grew by 5.6% on an annualized basis in the first quarter, Statistics Canada said, as growth in February beat expectations and real gross domestic product was seen increasing again in March.nL2N2WR18H

On the earnings front, Imperial Oil Ltd IMO rose 0.2% after reporting a first-quarter profit that nearly tripled, while pipeline operator TC Energy TRP dipped 2% despite turning a quarterly profit. nL3N2WR2KH nL3N2WR2FO

Magna International Inc MGA fell 3% after the auto parts maker lowered its annual profit forecast on Friday as strict COVID-19 lockdowns in China, rising inflation and raw material costs are set to pressure vehicle sales. nL3N2WR1PH


(Reporting by Amal S in Bengaluru; Editing by Anil D'Silva)

((Amal.S@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 3677;))