CANADA STOCKS-TSX hits one-year low as energy and financials fall
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TSX ends down 0.3% at 18,986.49
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Posts its lowest closing level since October 2022
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Energy falls 1.4%; oil settles more than 2% lower
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Teck Resources drops 8.9% after Q3 profit miss
(Updates at market close)
By Fergal Smith
Oct 24 (Reuters) - Canada's main stock index closed on Tuesday below the 19,000 threshold for the first time in a year, pressured by declines for energy and financial shares as oil prices fell and investors awaited a Bank of Canada interest rate decision.
The Toronto Stock Exchange's S&P/TSX composite index ended down 60.25 points, or 0.3%, at 18,986.49, its fifth straight day of declines and its lowest closing level since October 2022.
Energy shares fell 1.4% as oil settled more than 2% lower at $83.74 a barrel after weak European economic data dented prospects for energy demand.
"Crude prices are lower as a strong (U.S.) dollar emerged after a mixed round of global flash PMIs," Edward Moya, a senior market analyst at OANDA, said in a note.
"It looks like the U.S. economy refuses to break and that means the risks of more (Federal Reserve) tightening and that the higher for longer mantra will last a while longer."
Both the Fed and the Bank of Canada have raised interest rates to multi-year highs to tackle inflation.
Analysts expect the BoC will leave its policy rate on hold at 5.0% on Wednesday, though with inflation hovering well above its 2% target, many see the central bank indicating future hikes are still possible.
Financials, the TSX's most heavily-weighted sector, fell 0.8%, industrials lost 0.9% and the materials group, which includes precious and base metals miners and fertilizer companies, was down 0.3%.
Shares of Teck Resources sank 8.9% as the company said it was progressing "expeditiously" on a split of its coal and copper businesses and reported quarterly profit that missed analysts' estimates. (Reporting by Fergal Smith in Toronto and Siddarth S in Bengaluru; Editing by Tasim Zahid and Marguerita Choy)
