What’s going on here?
The Toronto Stock Exchange’s S&P/TSX composite index fell 132.98 points, or 0.6%, to 23,126.98, marking its second straight day of drops after reaching an all-time high on Monday.
What does this mean?
Profit-taking seemed to be the main culprit behind the market’s slide, impacting sectors across the board. Materials and technology sectors saw declines of 2.1% and 1.6%, respectively. Within tech, Kinaxis plummeted 14.5% after its CEO announced his retirement. Meanwhile, the materials group suffered as prices for gold and copper slipped. The energy sector wasn’t spared either, falling 1.3% amid a drop in oil prices to $74.52 a barrel. However, the banking sector painted a mixed picture: Royal Bank of Canada climbed 2.2% on robust quarterly profits, and National Bank of Canada surged 5.9% following better-than-expected earnings. In contrast, Bank of Montreal and Toronto-Dominion Bank struggled, with the latter…
