July 23 (Reuters) – Canada’s main stock index fell on Tuesday as a drop in oil prices weighed on energy shares, but the move was limited ahead of a potential interest rate cut by the Bank of Canada.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE), opens new tab ended down 58.9 points, or 0.3%, at 22,813.75, giving back part of the previous day’s gain.
“It’s hanging in” despite declines for some major sectors, said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.
The two heaviest weighed sectors on the TSX, financials and energy, lost 0.2% and 1.4% respectively.
Energy fell as the price of oil dropped to a six-week low, settling down 1.8% at $79.96 a barrel, on rising expectations of a ceasefire in Gaza and growing demand concerns in China.
The Bank of Canada is widely expected to cut its benchmark interest rate by 25 basis points to 4.50% on Wednesday, its second cut in as…
