Toronto stocks slip but set for weekly gains on soft landing optimism
The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File Photo
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By Shubham Batra
(Reuters) -Canada’s main stock index fell on Friday after reaching record highs in the previous session, but remained on track for strong weekly gains fueled by domestic economic data suggesting a soft landing.
At 10:00 a.m. ET (14:00 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 36.58 points, or 0.17%, at 22,050.68.
Canada’s retail sales contracted a little less than expected in January, weighed down by lower goods prices and lower sales of motor vehicles and parts, data showed on Friday.
“Despite only modest rises in retail sales volumes in January and February, the earlier strength in December means that growth should remain strong this quarter,” Olivia Cross, North America economist at Capital Economics said in a note.
Yields on both the 2-year and the benchmark 10-year government bond fell 4 basis points.
Technology shares and heavy-weight financials soured the mood with a 0.6% and 0.2% fall, respectively.
Materials stocks slipped 0.1% as copper prices pulled back on a stronger dollar, while gold dipped after grazing a record high in the previous session. [MET/L] [GOL/]
Energy shares also weakened 0.4% tracking the slump in oil prices. [O/R]
On the flip side, healthcare shares were up 3.3% and set to record their best week in over four months.
Across the border, Wall Street was muted but still on track for strong weekly gains, as investors cheered the Federal Reserve sticking to its rate-easing stance. [.N]
Back home, shares of Alimentation Couche-Tard were down for yet another session, falling 1.7%, as multiple brokerages cut price target for the operator of convenience stores after it missed earnings expectations.
BMO Financial slid 0.1%. The lender’s asset management arm said it had partnered with U.S. private equity firm Carlyle Group (NASDAQ:CG) to broaden access to private markets for Canadian investors.
