Canada’s main stock index fell slightly on Friday, giving up part of its weekly gain as stocks in the technology and energy sectors lost ground.
The Toronto Stock Exchange’s S&P/TSX Composite Index ended down 51.98 points, or 0.3%, at 19,975.37 after posting higher closes for the previous four days. For the week, the index rose 0.4%.
The technology sector, by far the best performer this year, fell 1.2% on rising bond yields.
Yields rose after comments by two Federal Reserve officials dampened optimism that the central bank was nearing the end of its aggressive rate hikes.
Real estate fell 0.9% and utilities 0.8%.
“We think there will be one more rate hike in Canada and the US and we’ll see if it’s the last one or not and if they really pause after that,” Greg said. Taylor, Chief Investment Officer at Purpose Investments.
“It will depend on many factors whether it is a looming recession or lower inflation.
The energy sector fell 0.8%, although oil prices rose 1.6% to $71.78 a barrel. (Reporting by Fergal Smith in Toronto and Ankika Biswas in Bengaluru; Text by Shilpi Majumdar and Sandra Maler)
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