Canada's main stock index ended lower on Monday, weighed by declines for technology and gold mining shares, as investors turned cautious ahead of a key U.S. inflation report this week.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab ended down 49.76 points, or 0.2%, at 22,259.17, its second straight day of declines after it notched a new record closing high on Thursday. "We're coming off some pretty positive days," said Michael Sprung, president at Sprung Investment Management, adding that investors could be taking some profits ahead of a long weekend in Canada and U.S. inflation data.
"It might be a quieter week until some of this U.S. data comes out," Sprung said. U.S. stock indexes were a mixed bag, with the S&P 500 staying shy of its March record high as investors waited for the U.S. consumer price index report on Wednesday for clues on prospects for Federal Reserve interest rate cuts this year.
The materials group (.GSPTTMT), opens new tab, which includes metal miners and fertilizer companies, fell 0.8% as the price of gold declined 1%.
Energy (.SPTTEN), opens new tab edged down 0.2% despite oil settling 1.1% higher at $79.12 a barrel. Investors were watching for potential oil supply disruptions in Western Canada due to wildfires.
Technology (.SPTTTK), opens new tab was down 0.5% and industrials (.GSPTTIN), opens new tab ended 0.4% lower. Premium Brands Holdings Corp (PBH.TO), opens new tab was a bright spot. Its shares rose 3.6% after the specialty food producer, marketer and distributor beat estimates for first quarter results.
