CANADA STOCKS-TSX tracks resource shares lower ahead of Apotex IPO
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By Fergal Smith
June 9 (Reuters) - 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
