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CANADA STOCKS-Toronto market takes a pause after notching a record intraday high
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CANADA STOCKS-Toronto market takes a pause after notching a record intraday high
Oct 2, 2024 9:42 PM

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TSX ends down 0.1% at 24,001.55

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Posts record intraday high at 24,113.27

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Financials fall 0.3%; industrials lose 0.4%

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Energy adds 0.2%; oil settles 0.4% higher

(Updates at market close)

By Fergal Smith

Oct 2 (Reuters) - Canada's main stock index ended lower

on Wednesday, weighed by declines for industrials and heavily

weighted financial shares, as investors took stock of recent

gains for the market that lifted it to a record intraday high.

The Toronto Stock Exchange's S&P/TSX composite index

ended down 32.44 points, or 0.1%, at 24,001.55, after

touching a record high of 24,113.27 earlier in the day.

On Tuesday, the TSX notched a record closing high as

escalating tensions in the Middle East led to a jump in oil

prices, boosting energy shares.

The index climbed 9.7% in the third quarter, its largest

quarterly gain in nearly four years.

"It looks like it's taking a bit of a breather after the

tremendous run we had in Q3," said Elvis Picardo, a portfolio

manager at Luft Financial, iA Private Wealth.

"It's been a pretty good run for the indices so far but you

have not just geopolitical risk but Q3 earnings ... That might

be a key catalyst for which way the markets go from here."

Financials, which account for 31% of the TSX's weighting,

fell 0.3%, while industrials ended 0.4% lower as railroad shares

lost ground.

Consumer staples was down 1.4% and real estate, which tends

to be particularly sensitive to the interest rate outlook,

declined 0.8%.

The Canadian 10-year yield climbed 8.1 basis points to

3.027% as recent upbeat U.S. data tempered expectations for

another supersized interest rate cut by the Federal Reserve next

month.

Information technology helped limit the Toronto market's

decline, rising 0.6%, and energy added 0.2% as the price of oil

settled 0.4% higher at $70.10 a barrel.

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