Canada’s main stock index took a breather on Tuesday after hitting a new closing high in the previous session, dragged down by weakness in healthcare stocks, while investors remained cautious ahead of a reading on U.S. inflation later this week. At 9:54 a.m. ET (14:54 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 34.31 points, or 0.16%, at 21,546.78, snapping its four-day winning streak Global equities were subdued on Tuesday but stayed near record highs as investors were reluctant to commit further to the rally before getting a clearer picture of the surge in U.S inflation. “It’s generally one of those days in the later innings of earnings season, where everything’s just kind of quiet and markets are consolidating,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “Investors appear to be waiting on economic news and comments from North American central bank leaders today.” Bank of Canada Governor Tiff Macklem, Fed Chair Jerome Powell and other FOMC members are scheduled to speak later in the day. Healthcare stocks dipped 4% after having the best daily performance in three months in the prior session, with pot producers Cronos Group Inc, Tilray Inc and Aurora Cannabis Inc down between 4.5% and 15% Toronto-listed technology stocks gained 0.5% tracking U.S. tech-heavy Nasdaq index. The gains in the sub-sector index were led by a 12% jump by Dye & Durham Limited after multiple brokerages raised the price target of the IT service provider’s stock. The Canadian equity index scaled record highs in recent weeks, shaking off an initial dip, as higher commodity prices and upbeat corporate earnings bolstered appetite for risky assets. The energy sector fell 0.4% snapping its three day winning streak despite stronger crude prices. HIGHLIGHTS The largest percentage gainer on the index was Pretium Resources Inc up 16% after Australia’s Newcrest Mining said it would buy the rest of the Canadian gold miner n a $3.5 billion deal. The TSX posted 13 new 52-week highs and no new lows. Across all Canadian issues there were 91 new 52-week highs and nine new lows, with total volume of 56.18 million shares. (Reporting by Amal S in Bengaluru; Editing by Krishna Chandra Eluri)
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