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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.