By Fergal Smith
(Reuters) -Canada’s main stock index edged lower for a second straight day on Tuesday as a drop in oil prices and fading optimism around China’s efforts to boost its economy weighed on energy and metal mining shares.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 30.2 points, or 0.1%, at 24,072.51, extending its pullback from a record closing high on Friday.
China, one of the world’s major consumers of oil and base metals, expressed confidence on achieving its full-year growth target. But it refrained from introducing stronger fiscal steps, disappointing investors who had banked on more support from policymakers to get the economy back on track.
“Today we saw a selloff in everything that was banking on a better Chinese economy,” says Colin Cieszynski, chief market strategist at SIA Wealth Management.
The energy sector was down 2.3% as the price of oil settled 4.6% lower at $73.57 a barrel on easing fears…
