Toronto index slips on weakness in tech, healthcare stocks

March 24 (Reuters) – Canada’s main stock index reversed from
early gains to trade lower on Thursday as weakness in technology
and healthcare stocks countered a rise in miners fueled by
higher gold prices.

At 10:22 a.m. ET (14:22 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index was down 52.66 points, or
0.24%, at 21,879.52.

The technology sector fell 1.5%, with e-commerce company
Shopify Inc down 3.0%.

Healthcare stocks shed 1.4%, with pot producers
Aurora Cannabis Inc, Canopy Growth Corp,
Cronos Group Inc losing between 1.8% and 2.8%.

The materials sector, which includes precious and
base metals miners and fertilizer companies, gained 0.4% as
concerns around the Ukraine crisis lifted prices of safe-haven
gold.

“Its just kind of a quit day where things are just kind of
bouncing back and forth,” said Colin Cieszynski, chief market
strategist at SIA Wealth Management.

The energy sector dropped 0.8% as U.S. crude
prices were down 1.4% a barrel, while Brent crude
lost 1.3%.

Among individual shares, Brookfield fell 0.2%. A
unit of the company and fund manager Morrison & Co have entered
an exclusivity deed with Uniti Group, after a
Macquarie-led MQG.AX consortium offered A$5 per share ($3.73)
for the Australian telecom firm.

HIGHLIGHTS

The TSX posted four new 52-week highs and no new lows.

Across all Canadian issues there were 22 new 52-week highs
and 22 new lows, with total volume of 75.49 million shares.
(Reporting by Amal S in Bengaluru; Editing by Aditya Soni
)


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