CANADA STOCKS-TSX tracks resource shares lower ahead of Apotex IPO

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Updates at market close

TSX ends down 0.2% at 34,411.69

Energy falls 3.1% as oil settles 3.4% lower

Apotex upsizes its IPO to C$1.3 billion

BoC rate decision awaited on Wednesday

By Fergal Smith

- Canada's main stock index edged lower on Tuesday as resource and technology shares lost ground, while investors awaited the initial public offering of generic drug manufacturer Apotex.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 67.05 points, or 0.2%, at 34,411.69, extending its pullback from a record closing high last Thursday.

  • The S&P 500 and the Nasdaq indexes also fell as a rebound in technology shares faded.

  • "This is not a cheap market on balance," said Barry Schwartz, chief investment officer at Baskin Wealth Management. "The glamour names, the favorite names right now - some of them are quite expensive and due for a reasonable pullback or a mini correction."

  • Shares of electronic equipment company Celestica CLS.TO fell 4.1%, which helped drag the technology sector .SPTTTK 1.2% lower.

  • Energy was down 3.1%, as the price of oil CLc1 settled 3.4% lower at $88.20 a barrel after Iran and Israel said they had halted attacks on each other.

  • The materials group .GSPTTMT, which includes metal mining shares, lost 1.7%, with shares of Valor Gold VGC.TO tumbling 21.6%.

  • The price of gold XAU= fell 1.6% ahead of a key U.S. inflation report.

  • Most of the other 10 major sectors ended higher, including financials .SPTTFS, which added 1%.

  • Consumer staples .GSPTTCS was another standout, rising 1.7%.

  • Apotex APTX.TO said that its initial public offering had been upsized to approximately C$1.3 billion.

  • "We haven't seen a lot of high-profile IPOs on the TSX, and it would be nice to get more diversified companies and businesses and industries on the TSX which are significant in size," Schwartz said.

  • Investors expect the Bank of Canada to leave its benchmark interest rate on hold at 2.25% for a fifth straight policy decision on Wednesday. 0#CADIRPR