- TSX ends down 0.2% at 20,630.69
- Energy falls 1.3%; oil settles 2.4% lower
- Technology loses 0.8%
April 20 (Reuters) – Canada’s main stock market index fell on Thursday as lower oil prices weighed on energy shares, with the market pulling back from a two-month high it touched earlier this week.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) ended down 50.14 points, or 0.2%, at 20,630.69. It also ended lower Wednesday after posting on Tuesday its highest closing level since Feb. 15 at 20,684.68.
“We’re seeing a continued decline in the economy, especially in the U.S., which obviously affects us here in Canada,” said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
“The slowing economy is really weighing on commodities and is offsetting any gains we would have seen in oil based on production cuts.”
The energy sector (.SPTTEN) dropped 1.3% as oil settled 2.4% lower at $77.29 a barrel, pressured by fears that a possible recession could dent fuel demand and after a rise in U.S. gasoline inventories.
Technology was also a drag, falling 0.8%.
Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi Majumdar
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