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TSX consolidates last week's rally as tech and industrials fall

02/07/2022 | 04:33pm EDT

(Adds details throughout; updates prices)

* TSX ends down 36.35 points, or 0.2%, at 21,235.50

* Technology shares fall 1.1%

* Industrials end 1.2% lower

* Materials group gains 1.3%

TORONTO, Feb 7 (Reuters) - Canada's main stock index edged lower on Monday, consolidating last week's sharp gains, as declines for technology and industrial shares offset gains for the materials group.

The Toronto Stock Exchange's S&P/TSX composite index ended down 36.35 points, or 0.2%, at 21,235.50.

Last week it rose 2.6%, its best performance since March last year.

"Today is very quiet for business news leaving investors to continue digesting last Friday's mixed North American employment reports and the implications of high wage inflation," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Data on Friday showing an unexpectedly large jump in U.S. jobs raised prospects of more aggressive policy tightening by the Federal Reserve, with investors turning attention to U.S. consumer price figures due on Thursday.

Technology shares fell 1.1%. Industrials ended 1.2% lower, while energy lost 0.8% as oil prices fell.

U.S. crude prices settled down 1.1% at $91.32 a barrel on faint signs of progress in nuclear talks between the United States and Iran.

Canadian oil and gas producer Crescent Point Energy Corp is looking to sell some of its assets in Alberta and Saskatchewan that could fetch around C$500 million , according to an industry source and marketing documents seen by Reuters.

Its shares ended down 1.2%.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.3%. It was helped by higher gold prices. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CRESCENT POINT ENERGY CORP. 0.62% 9.8 Delayed Quote.44.30%
GOLD 0.73% 1801.97 Delayed Quote.-2.05%
LONDON BRENT OIL -1.47% 97.84 Delayed Quote.27.42%
WTI -2.31% 91.866 Delayed Quote.24.73%
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