Canada Stocks: TSX dips as Ukraine crisis weighs on investor sentiment

iA

08/03/2022 21:57

(Adds investor quotes and details throughout, updates prices)
    * TSX ends down 72.37 points, or 0.3%, at 21,232.03
    * Financials decline 0.4%; tech ends 1.8% lower
    * Materials group adds 0.9% as gold climbs
    * Intertape Polymer Group Inc soars 76.2%  

    By Fergal Smith
    TORONTO, March 8 (Reuters) - Canada's main stock index fell
for a second day on Tuesday as investors weighed developments
around the crisis in Ukraine, with technology and
heavily-weighted financials among the sectors leading the
declines.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended down 72.37 points, or 0.3%, at 21,232.03, adding
to Monday's loss.
    Wall Street also fell as the United States banned Russian
oil and other energy imports over Russia's invasion of Ukraine.
Investors worry that sanctions on Russia will add to inflation
pressures, hurting the global economy.  urn:newsml:reuters.com:*:nL2N2VB2KF
    "Any time you have any headline coming out of Ukraine,
Russia, the United States - anything to do with the situation in
Ukraine - it takes the market down one way or the other," said
Allan Small, senior investment advisor of the Allan Small
Financial Group with iA Private Wealth.
    "Banks are the loser today in Canada and that's why you are
seeing a slightly down market because the banks make up so much
of the index," Small added.
    Financials, which have a 31% weighting on the Toronto
market, lost 0.4%, including declines for some of Canada's
largest banks, while technology ended 1.8% lower.
    Limiting the Toronto market's decline were gains for
resource shares, including a 0.9% advance for the materials
group, which includes precious and base metals miners and
fertilizer companies.
    Gold  XAU=  rose 2.6% to about $2,049 per ounce, while oil
settled 3.6% higher at $123.70 a barrel.
    Shares of Intertape Polymer Group Inc  ITP.TO  soared 76.2% 
after the packaging products maker said it would be taken
private by investment firm Clearlake Capital Group in an
all-cash deal valued at $2.6 billion.  urn:newsml:reuters.com:*:nL3N2VB2QZ

 (Reporting by Fergal Smith; Amal S in Bengaluru
Editing by Alistair Bell)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446;))