{"id":53088,"date":"2023-08-25T19:00:12","date_gmt":"2023-08-25T23:00:12","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/tsx-ends-lower-as-tech-falls-investors-weigh-bank-earnings\/"},"modified":"2023-08-25T19:00:14","modified_gmt":"2023-08-25T23:00:14","slug":"tsx-ends-lower-as-tech-falls-investors-weigh-bank-earnings","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53088","title":{"rendered":"TSX ends lower as tech falls, investors weigh bank earnings"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS\/Chris Helgren\/File Photo<\/span>
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By Fergal Smith<\/p>\n

(Reuters) -Canada’s main stock index fell on Thursday, including losses for energy and technology shares, but the index’s losses were capped as investors eyed beaten-down dividend paying stocks, including major banks as they began reporting quarterly earnings.<\/p>\n

The Toronto Stock Exchange’s S&P\/TSX composite index ended down 103.96 points, or 0.5%, at 19,775.83, giving back some of the previous day’s rally.<\/p>\n

The major U.S. stock indexes posted bigger declines, with investors nervous ahead of Federal Reserve Chair Jerome Powell’s speech on Friday which could offer clues on the interest rate outlook. <\/p>\n

“Considering the softness on the U.S. side, the Canadian market held up well,” said Lorne Steinberg, president, Lorne Steinberg Wealth Management Inc.<\/p>\n

The Toronto market’s technology sector fell 1.5% and energy was down 1.2% as oil touched a one-month low intraday before settling 0.2% higher at $79.05 a barrel. <\/p>\n

“A large part of the Canadian weakness (since last year) has been centered around dividend stocks underperforming in a rising rate environment,” Steinberg said.<\/p>\n

“We’re coming to an end or maybe we’re at the end of the rising rate environment. And so suddenly those beaten down stocks look pretty cheap.”<\/p>\n

The consumer staples group rose 0.7%, while the decline for the heavily-weighted financials group was modest at 0.2%.<\/p>\n

Shares of Toronto-Dominion Bank were down 3.2% after the bank missed analysts’ estimates for quarterly profit. But Royal Bank of Canada shares ended 2% higher as it beat estimates, helped by cost cutting measures.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS\/Chris Helgren\/File Photo By Fergal Smith (Reuters) -Canada’s main stock index fell on Thursday, including losses for energy and technology shares, but the index’s losses were capped as […]<\/p>\n","protected":false},"author":1,"featured_media":1680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-53088","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nTSX ends lower as tech falls, investors weigh bank earnings | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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