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Toronto market falls to nearly 4-month low as seasonal pressures weigh

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Toronto Stock Exchange News

Chief Market Technician,Sid Mokhtari

The Toronto Stock Exchange's S&P/TSX composite index ended down 94.4 points, or 0.4%, at 21,516.90 in lower than usual volumes, with U.S. markets closed for ...

- Canada's main stock index fell to a near four-month low on Wednesday as industrial and financial shares led broad-based declines in a seasonally weak period for the commodity-linked market.

Historical seasonal patterns show the TSX is weak in the month of June, said Sid Mokhtari, chief market technician for CIBC Capital Markets."There is a tactical buy opportunity for the month of July just given how many things are getting oversold but I don't necessarily believe we are going to be resuming a re-trending bias at this point," Mokhtari said.

The interest rate sensitive real estate sector lost 0.7% as the Bank of Canada said it considered the merits of waiting for an extra month to start cutting interest rates before it decided to ease monetary policy on June 5. The TSX is a gold mine of lucrative dividend stocks trading near their multi-year low. An 8.86% dividend yield is rare in large-cap stocks. The post 8.86% Dividend Yield! I’m Buying This TSX Stock and Holding it for Decades appeared first on The Motley Fool Canada.

 

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