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CANADA STOCKS-TSX posts longest monthly winning streak since 2017
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* TSX ends 0.1% lower
* Financial shares drop for the fourth day
* Manufacturers climb 1.2%; healthcare ends up 1.9%
* For August, the index is up 1.5%
TORONTO, Aug.31 (Reuters) – The main Canadian stock index edged down on Tuesday, but still posted its seventh consecutive month of gains, supported by strong corporate earnings and historically low bond yields.
The Toronto Stock Exchange’s S & P / TSX Composite Index ended down 12.03 points, or 0.1%, at 20,582.94, after hitting a record intraday high of 20,703.89.
For August, the index rose 1.5%, extending a string of gains since February. This is the longest monthly winning streak since 2017.
Markets are climbing the wall of worry, said Steve Palmer, chief investment officer at AlphaNorth Asset Management. Profits have been great, yields (bond) are very low, so I think stocks are still reasonably attractive.
Canada’s 5-year yield was trading at 0.84%. It has fallen more than 80 basis points since the end of 2019, before the Bank of Canada cut interest rates and began quantitative easing to support the economy during the coronavirus crisis.
National data showed that Canada’s economy unexpectedly contracted in the second quarter.
This means that the rates will stay low for longer. Stocks are the only game in town, Palmer said.
Shares of technology companies, which tend to benefit particularly from low rates, rose 0.2%, while industrials climbed 1.2% and the health care sector 1.9%.
In contrast, the heavyweight of the financial services sector fell for a fourth day, down 0.7%.
On Wednesday, the ruling Liberal Party in Canada said if re-elected it would raise corporate taxes on the most profitable banks and insurers.
The US rail regulator has rejected a voting trust structure that would have allowed the Canadian National Railway Company to proceed with its proposed $ 29 billion acquisition of US counterpart Kansas City Southern .
Shares of Canadian National Railway rose 7.4%, while those of Canadian Pacific Railway Ltd, a rival contender of the US company, fell 4.6%. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Peter Cooney)
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