BNN's closing bell update: September 26, 2017
Canada's main stock index retreated broadly on Tuesday from its highest close in four months hit the previous session, as cooling commodity prices sent mining and oil stocks into retreat.
The materials group, which includes precious and base metals miners as well as fertilizer companies, lost 1.1 per cent as a pullback in the price of safe-haven bullion weighed on gold miners.
Spot gold dipped more than 1 per cent after Federal Reserve Chair Janet Yellen said the U.S. central bank needed to continue gradual interest rate hikes, despite weak inflation.
Agnico Eagle Mines Ltd (AEM.TO) finished down 3.4 per cent at $56.78, while Barrick Gold Corp (ABX.TO) fell 1.3 per cent at $20.28.
Copper prices also declined, ending the session down 0.6 per cent to US$6,411 a tonne after touching its lowest since mid-August on Friday.
The Toronto Stock Exchange's S&P/TSX composite index ended 42.11 points, or 0.27 per cent lower, to 15,474.12.
The index had posted its highest close since May 16 at 15,516.23 on Monday.
Industrials, home to Bombardier Inc (BBDb.TO), was the only group that rose among the TSX 10 biggest sectors.
Energy issues, which have rallied some 13 per cent since late August, declined 0.3 per cent on the back of softer oil prices, though individual stock moves were more moderate.
Investors were taking profits after prices of crude rallied to a 26-month high in the previous session, fueled by threats from Turkey to cut crude exports from Iraq's Kurdistan region.
U.S. crude futures settled at US$51.88 a barrel, down 0.7 per cent.
"This is a group everybody gets hot and cold about and it looks like they're getting hot about it coming into the fall - today not withstanding," said John Ing, president of Maison Placements Canada. "There's hopes of a production cut-back continuation and demand remains strong."
Bombardier Inc shares reversed course sharply during the session, jumping as much as 13.6 per cent in afternoon trading, ahead of a U.S. trade court's preliminary ruling on Boeing Co's aircraft dumping complaint. The stock closed up 6.1 per cent at $2.27.
The court decision over whether Bombardier is dumping its new CSeries passenger jet in the U.S. aircraft market was expected to be made public on Tuesday.
The planemaker also aims to close deals with Chinese airlines in time for an expected trip by Canadian Prime Minister Justin Trudeau to China next month, a senior Bombardier executive said.
The financials group, which accounts for more than one third of the index's weight, dipped 0.2 per cent. Health care stocks were off 0.5 per cent.