TSX extends pullback in possible 'counter-trend' move
TSX ends down 0.6% at 24,573.62
Technology and energy both fall 1.2%
Oil settles 1.4% lower
BoC cuts benchmark rate by 50 basis points
Updates at market close
By Fergal Smith
Oct 23 (Reuters) -Canada's main stock index fell for a third straight day on Wednesday, pressured by declines for resource and technology shares, as investors assessed whether the economy can withstand the recent move higher in long-term borrowing costs.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 143.08 points, or 0.6%, at 24,573.62, extending its pullback from an all-time closing high on Friday.
Wall Street also fell as U.S. Treasury yields climbed, with the 10-year rate up more than 60 basis points since mid-September.
"I would be looking at this pullback as a counter-trend move," said Joseph Abramson, co-chief investment officer at Northland Wealth Management, adding the rise in bond yields is likely to reflect improving growth rather than constraining growth.
Canadian bond yields have also climbed in recent weeks but not as much as U.S. rates.
"Canada needs lower rates than the U.S. so that puts downward pressure on the Canadian dollar ... in local currency terms it should be good for the TSX," Abramson said.
The loonie touched an 11-week low at 1.3862 per U.S. dollar, or 72.14 U.S. cents, after the Bank of Canada cut its benchmark rate by an unusually large 50 basis points to 3.75% and hailed signs Canada has returned to an era of low inflation.
The technology and energy sectors both fell 1.2%. The price of oil CLc1 settled 1.4% lower at $70.77 a barrel.
Gold XAU= and copper HGc1 prices also fell, weighing on metal mining shares. The materials group lost 0.9%.
First Quantum Minerals FM.TO was a bright spot. Its shares rose 1.3% after the copper miner beat quarterly profit estimates and said it is in talks with potential partners for its Zambian assets.
Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Vijay Kishore and Lisa Shumaker
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