After running it up to near record highs at just under 21,900 early in Friday’s session, stock pickers decided it was time to start taking profits on Canada’s main stock market late morning and by the close of trading they had pushed the Toronto Stock Exchange (TSX) down to under 21,740, for a day loss of about 60 points.
Today, the resources heavy TSX wasn’t helped by mixed commodity prices and the conundrum facing central bankers and investors across North America, around the timing of expected interest rate cuts. Reflecting the overall mixed nature of the trading day, sectors were mixed too, and none of them rose or fell by more than 1%.
Still, BNN Bloomberg TV noted the TSX was up 1.8% month to date, while in the U.S. the S&P 500 was only up 0.6%. Gillian Wolfe of Bloomberg Intelligence told BNN most of the outperformance in Canada was down to a “powerful rebound” in the Materials sector, which had been “dragging the market down…
