Canada’s main stock index was dragged down on Wednesday by a drop in rate-sensitive technology stocks, as shares of the country’s third biggest company, Shopify , hit a six-week low and those of crypto miners fell.
The Toronto Stock Exchange’s S&P/TSX composite index was down 45.15 points, or 0.2 per cent, at 21,172.38.
Technology stocks led losses on the index with a 2.4 per cent decline, dragged by crypto miners Hut 8 and Bitfarms, down 3.9 per cent and 7.0 per cent, respectively, after Bitcoin lost 2 per cent. Shopify shares were down nearly 4 per cent at C$102.
The materials sector, which includes Canadian miners, extended declines to a third consecutive session after it fell 0.9 per cent. Gold miner Wheaton Precious Metals lost the most among materials stocks, falling 8 per cent after brokerages cut price targets on the stock due to underwhelming 2024 production forecast.
Insurance company iA Financial Corp plummeted 8.6 per…
