(Adds comments; updates prices, details)
Shopify jumps 6.9% on Cyber Monday sales
Q4 bank earnings expected to decline 4%
Nov 28 (Reuters) - Canada's main stock index fell on
Monday, with energy and materials stocks leading the declines
tracking tumbling commodity prices, as investors around the
world were concerned about the global economic growth outlook.
At 10:07 a.m. ET (1507 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was down 27.76 points, or
0.14%, at 20,356.01.
The energy sector and materials sector
fell 1.6% and 0.3%, respectively, tracking prices of oil,
precious metals and base metals as protests against strict COVID
curbs in China raised demand concerns from the world's second
Canada's Big Six banks are expected to post a 4% decline in
fourth-quarter profits from last year because of decades-high
inflation and monetary tightening by the central bank that has
hurt investment banking activity.
"The wealth management business will be pressured but I
expect margin increases, given higher interest rates, and solid
balance sheets across the board," said Angelo Kourkafas,
investment strategist at Edward Jones Investments.
"Guidance is expected to be narrowed and the focus will also
be on loan growth given the recessionary outlook."
The financials sector fell 0.2%, but is set to end
the quarter higher by 8.7%.
"We usually don't see both valuations and earnings collapse
at the same time because that only happens during a financial
crisis," said Angelo Kourkafas, investment strategist at Edward
However, not all sectors were losers. The information
technology sector was supported by a 6.9% jump in
e-commerce firm Shopify Inc's shares, touching
two-week highs after announcing record Cyber Monday sales in the
U.S. The sector rose 1.6%.
Bombardier rose 4.3% after the aircraft
manufacturer said that it will begin a special mission
modification package in Wichita, Kansas as part of a German
Pegasus surveillance aircraft project.
U.S. indices were down along with global counterparts, as
investors were spooked by demand and growth concerns out of
(Reporting by Johann M Cherian in Bengaluru; Editing by