Canada’s main stock index ended lower on Friday, adding to its monthly decline, as shares of First Quantum Minerals tumbled and Wall Street was unable to hang on to the gains it made after the release of cooler U.S. inflation data.
The S&P/TSX composite index ended down 66.37 points, or 0.3%, at 21,875.79.
For the month, the TSX was down 1.8% as investors shunned resource shares in favor of technology, while it posted a quarterly decline of 1.3%.
First Quantum Minerals Ltd shares fell 7.2% as Reuters reported the miner will launch formal arbitration proceedings against Panama in July over the country’s decision to close the Cobre Panama mine last November.
The materials group, which includes metal miners and fertilizer companies, lost 1.1%, while energy was down 0.2% as the price of oil settled 0.2% lower at $81.54 a barrel.
U.S. monthly inflation was unchanged in May as a modest increase in the cost of services was offset by the…
