Canada’s main stock index fell on Wednesday, led by declines in technology and financials, while investors awaited minutes of the U.S. Federal Reserve’s June meeting due later in the day.
At 10:00 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 66.74 points, or 0.33%, at 20,138.13.
Information technology was leading the declines, down 0.8%, as bond yields gained.
Major indexes on Wall Street also had a dull start ahead of the Fed minutes, due at 2:00 p.m. ET, as investors look for indications on the central bank’s monetary policy approach to battle inflation.
“I don’t think you will see any surprises there (Fed minutes),” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “The Fed was pretty clear in what they were doing since the last meeting.”
Brookfield slipped 1.5% after the asset manager’s reinsurance arm agreed to buy American Equity Investment Life Holding, dragging the heavyweight financials sector down 0.4%.
The materials sector, which houses Canada’s major mining firms, also fell 0.4%, as copper and other base metals came under pressure from global services activity data that dimmed the demand outlook for growth-dependent metals.
The TSX eked out meager gains in the April-June period, pressured by volatile commodity prices amid an uncertain outlook in top commodities consumer China.
Osisko Gold Royalties tumbled 7.3% after the company said mining veteran Paul Martin would replace Sandeep Singh as its chief executive officer on an interim basis, effective immediately.
Quebecor gained 0.9% after the telecom and media firm said it would pull its ads from Facebook and Instagram.
Teck Resources slipped 1.4% after China Investment Corporation said its wholly-owned subsidiary, Fullbloom Investment Corporation, sold some of its shares in the miner.
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