TSX extends pullback from six-week high as gold stocks fall
By Fergal Smith
TORONTO (Reuters) - Canada's main stock index edged lower on Thursday, dragged down by gold miners as bullion prices fell one day after the U.S. Federal Reserve signaled its interest rate-hike cycle was far from over.
The Toronto Stock Exchange's S&P/TSX composite index ended down 35.79 points, or 0.2%, at 19,241.22, extending its pullback from a six-week high on Tuesday.
U.S. stocks also closed lower and the U.S. dollar climbed against a basket of major currencies as economic data did little to alter expectations the Fed would continue raising interest rates for longer than previously thought.
The materials sector, which includes precious and base metal miners, declined nearly 4% as gold and copper prices fell.
It included a decline of 14.2% for the shares of Equinox Gold Corp after the company reported a bigger-than-expected quarterly loss.
Nutrien Ltd shares fell nearly 14% after the company cut its full-year adjusted earnings forecast.
Helping to limit the TSX's decline was gains for the energy sector. It rose 2.6% as shares of Suncor Energy Inc rose 3.9% after the company's third-quarter profit beat analysts' expectations.
(Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru; editing by Diane Craft)
