CANADA STOCKS-TSX down as miner earnings disappoint, Alphabet drags tech
Oct 29 (Reuters) - Canada's main stock index fell on Thursday, dragged down by mining and technology shares, while investors evaluated key US economic and inflation data.
The S&P/TSX Composite Index .GSPTSE was down 0.07% at 36,238.91 points, as of 1020 a.m. ET (1420 GMT).
Materials stocks .GSPTTMT were the biggest drag on the index, down 2.4%, as gold prices weakened after US inflation data reinforced expectations of an interest rate hike by the US Federal Reserve later this year GOL/
Separately, the US economy grew faster than expected in the third quarter as resilient consumer spending and AI-driven business investment offset the impact of higher oil prices
Tepid earnings from gold miners also weighed on the mining sector
Alamos Gold AGI.TO slid 8.3% after missing third-quarter profit estimates, while Kinross Gold K.TO shed 5% after its quarterly revenue fell 2%
Technology sector .SPTTTK fell 1% after Google-parent Alphabet GOOGL.O reported disappointing search advertising results and a surge in cash burn as AI-related spending accelerated
Energy sector .SPTTEN declined 0.1% after Brent crude fell more than 0.7% O/R
Limiting the index's losses, defensive healthcare stocks .GSPTTHC and heavyweight financials .SPTTFS rose 5.5% and 1.1%, respectively
"The TSX's key sectors are energy, mining and banking. So far, banks have performed well and oil prices have remained elevated, but the market is likely to trade relatively flat through the remainder of the year," said Allan Small, senior investment adviser at the Allan Small Financial Group with iA Private Wealth
Allied Properties AP_u.TO tumbled 22.3% after it reported a 6% fall in quarterly rental revenue
Bausch Health Companies BHC.TO soared 25.5% after it beat third-quarter estimates and raised annual forecast