By Fergal Smith
Feb 8 (Reuters) – Canada’s main stock index fell on Wednesday as technology and metal mining shares lost ground, but the move was modest after the release of “dovish” minutes from the Bank of Canada’s January meeting.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended down 45.46 points, or 0.2%, at 20,679.54.
U.S. stocks also fell, paring most of the strong gains of the previous session, with tech-focused shares leading the way lower.
The BoC hiked rates last month rather than leaving them unchanged because of labor-market tightness and stronger-than-expected growth, according to the “summary of Governing Council deliberations” that was issued for the first time by the central bank.
The document “leaned dovish, as it revealed policymakers considered pausing at the January meeting,” Benjamin Reitzes, Canadian rates & macro strategist at BMO Capital Markets, said in a note.
The Toronto market’s technology group fell 0.6% and the materials group, which includes precious and base metals miners and fertilizer companies, was down 0.9% as copper prices fell.
Brookfield Asset Management LtdBAM.TO was a bright spot. Its shares rose 2.75% after its reinsurance unit agreed to take insurer Argo Group International ARGO.N private in a $1.1 billion deal.
(Reporting by Fergal Smith: Additional reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Devika Syamnath and Sandra Maler)
(([email protected]; [email protected];))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
