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CANADA STOCKS-TSX posts longest daily losing streak since April
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CANADA STOCKS-TSX posts longest daily losing streak since April
Nov 3, 2024 11:58 AM

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TSX ends down 0.36% at 24,463.67

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For the week, the index loses 1.45%

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Real estate sector falls 0.9%

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Energy adds 1.39%; oil settles up 2.27%

(Updates at market close)

By Fergal Smith

Oct 25 (Reuters) - Canada's main stock index ended lower

for a fifth straight day on Friday, led by declines for the real

estate and consumer discretionary sectors, as investors turned

cautious ahead of a potentially volatile period for the market.

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

ended down 87.88 points, or 0.36%, at 24,463.67,

extending its pullback from last Friday's record high.

For the week, the TSX was down 1.45%. It was the first time

since April the index has fallen for five straight days.

Still, it was up 1.93% since the beginning of October.

"We had a really good start to the month," said Greg Taylor,

portfolio manager at Purpose Investments. "We pulled forward a

lot of good news and now people are bracing for some volatility

in the next few weeks."

Wall Street has been unsettled this week by a rapid rise in

U.S. bond yields, while uncertainty around the Nov. 5 U.S.

presidential election has also made investors cautious after

markets started pricing in a second Donald Trump administration

in recent weeks.

Canada's immigration reduction targets announced this week

will likely have an impact on the Bank of Canada's growth

forecast, Governor Tiff Macklem said, but cautioned the bank was

yet to analyze the numbers.

On Wednesday, the BoC cut interest rates by an unusually

large half a percentage point to support the economy.

The real estate and consumer discretionary sectors both fell

0.9% on Friday, while the materials group, which includes gold

mining shares, was down 0.72%.

Mali has accused Barrick Gold Corp ( GOLD ) of failing to

abide by commitments made in a recent agreement, charges the

Canadian miner denied after the market's close on Thursday.

Shares of Barrick ended 3.16% lower on Friday.

Energy was a bright spot, rising 1.39%, as oil futures

settled 2.27% higher at $71.78 a barrel.

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