( Updates costs, includes remark)
By Amal S
Sept 28 (Reuters) – Canada’s primary stock index pulled back on Tuesday, as innovation stocks tracked a slide in the U.S. tech-heavy Nasdaq, while a 1%drop in gold costs weighed on miners.
At 9: 46 a.m. ET (13: 46 GMT), the Toronto Stock Exchange’s S&P/ TSX composite index was down 202.49 points, or 0.99%, at 20,26093, and was on course for its worst session in over a week. Mining and innovation sectors led the decreases.
Technology stocks fell 2.3%and were on course for their 3rd successive session in losses, tracking the Nasdaq index, with the sector heavyweights coming under pressure from a rise in bond yields.
Meanwhile, the products sector, that includes valuable and base metals miners and fertilizer business, fell 1.7%as gold rates extended losses, falling 1%on a more powerful dollar and U.S. Treasury yields.
The two-year U.S. Treasury yield rose to 18- month highs.
Canada’s benchmark stock index is still down about 1.3%up until now in September after 7 successive months of gains on issues of a stunted international financial healing.
” What we’re seeing today is once again the extension of the huge rotation from development to worth, which’s excellent for Canada due to the fact that it has actually got more energy, products, banks and less tech,” stated Gregory Taylor, portfolio supervisor at Purpose Investments.
Further losses were restricted by the energy sector, which got 1.7%and was the only significant sub-sector index in gains, as oil rates climbed up for a 6th day on Tuesday improved by a tighter supply and firm need outlook.
The financials sector, which represent about 30%of the Toronto market’s worth, slipped 0.5%.
Aurora Cannabis Inc, fell 3.7?ter it missed out on Wall Street expectations for fourth-quarter earnings.
Kirkland Lake Gold Ltd fell 8.7%, the most on the TSX, as Agnico Eagle Mines Ltd is set to purchase the miner in a stock offer valued at C$1351 billion ($1068 billion).
The TSX published 7 brand-new 52- week highs and 14 brand-new lows. 3253 brand-new lows (Reporting by Amal S in Bengaluru; Editing by Krishna Chandra Eluri)