TORONTO — Canada’s main stock index finished more than 500 points lower Tuesday, weighed down by losses in the basic materials sector, while U.S. stock markets posted mixed results.
The S&P/TSX composite index was down 527.62 points at 29,888.82.
Anish Chopra, managing director with Portfolio Management Corp., said the decline on the TSX was “driven by commodity prices” as gold and other metals moved lower during the day. The December gold contract was down US$250.30 at US$4,109.10 an ounce, paring some gains from a recent run-up.
“If you look at gold in particular, it’s had quite a strong run in the last few months. But I think part of that strong run, that strong upward price momentum is being undone today,” he said.
He noted that gold is a large part of the TSX compared with other stock indexes.
“The movement in the gold price is going to have a bigger impact on the TSX than the U.S. market…
