TSX ends down 19.13 points, or 0.1%, at 18,307.91
Posts lowest closing level since March 2021
Financials fall nearly 1%
Energy rallies 2.3%; oil settles 2.3% higher
Sept 27 (Reuters) - Canada's main stock index fell for a
sixth straight day on Tuesday, including declines for financial
and industrial shares, as investors worried that higher
borrowing costs could derail economic growth.
The Toronto Stock Exchange's S&P/TSX composite index
ended down 19.13 points, or 0.1%, at 18,307.91. It was
the lowest closing level since March 2021, while the streak of
daily declines was the longest since May.
"Things are looking oversold, so there's potential for a
bounce if we can get any turnaround in (bond) yields and in the
U.S. dollar," said Greg Taylor, portfolio manager at Purpose
Investments. "The hope is that sentiment seems pretty washed out
and people are pretty on edge."
Wall Street sank deeper into a bear market as Federal
Reserve policymakers showed an appetite for more interest rate
hikes, even at the risk of throwing the economy into a downturn.
On the Toronto market, heavily weighted financials fell
nearly 1%, while industrials lost 0.7% and utilities ended 1.5%
The index's decline was capped by gains for the energy
sector. The sector rallied 2.3% as oil clawed back some of its
recent decline amid supply curbs in the U.S. Gulf of Mexico
ahead of Hurricane Ian. U.S. crude oil futures settled
2.3% higher at $78.50 a barrel.
Shares of Dye & Durham Ltd, a provider of legal and
financial software, jumped 17% as the company announced a normal
course issuer bid. After the close, the company reported
(Reporting by Fergal Smith; Additional reporting by Shashwat
Chauhan; Editing by Shinjini Ganguli and Anil D'Silva)