Canadian stocks ease off from year-long highs

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Toronto, Aug 17 (IANS) Canada’s main stock market in Toronto fell back from year-long highs as banks and energy stocks weighed on overall market.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index lost 73.58 points, or 0.50 per cent, to close at 14, 703.44 points on Tuesday, Xinhua news agency reported.

Seven of the TSX index’s eight main sub-sectors were lower.

Oil prices rallied for a fourth straight session Tuesday, amid speculation that the talks of Organization of the Petroleum Exporting Countries (OPEC) next month could result in a crude output freeze.

Financials group was down 0.46 per cent as Royal Bank of Canada fell 0.27 per cent to 79.94 Canadian dollars while Toronto-Dominion Bank lost 0.44 per cent to 56.91 Canadian dollars.

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On the economic beat, Statistics Canada reported that manufacturing sales rose 0.8 per cent to 50.2 billion Canadian dollars in June, following a 1.0 per cent decline in May.

The Canadian dollar traded higher at $0.7780, compared with Monday’s closing rate of $0.7742.

–IANS

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