Aug 30 (Reuters) - Canada's energy-heavy main stock index
slipped on Monday as oil prices fell from a four-week peak,
although technology stocks tracked gains in the U.S. tech-heavy
Nasdaq to an all-time high.
The Toronto Stock Exchange's S&P/TSX composite index
was down 66.33 points, or 0.32%, at 20,578.31, with
energy stocks sliding 0.6%.
Technology was the only major Canadian sector to
post gains by 9:52 a.m. ET (1352 GMT), with the boost to the
main index from dovish remarks by the U.S. Federal Reserve last
week wearing off.
Trading in Canadian equities has been volatile in August - a
seasonally weak period for stocks - but the TSX index is still
on track for its seventh straight month of gains as investors
remain confident in a global economic recovery.
"Investors should be feeling more comfortable and more
inclined to commit money to equities as there will be no
imminent tapering or Federal Reserve rate hikes," said Brandon
Michael, senior analyst at ABC funds.
"Investors were anxious all summer about the Fed tapering
and higher interest rates, (but) Powell has effectively kick the
can down the road."
Despite surging 9.2% last week, energy stocks were tracking
their second month of declines on caution over slowing U.S. and
Chinese economic growth and a surge in COVID-19 cases.
"There is a lot of weakness in the energy sector right now
so there maybe profit taking from the bounce we've seen in
energy stocks the last week," said Gregory Taylor, portfolio
manager at Purpose Investments.
* The largest percentage gainers on the TSX were Canadian
Western Bank and Nuvei Corp.
* NFI Group Inc fell 6.3%, the most on the TSX,
after CIBC cut its rating on the stock to "neutral".
* The TSX posted nine new 52-week highs and no new low.
(Reporting by Amal S in Bengaluru; Editing by Arun Koyyur)