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Canada Market Dips


The TSE 300 rally above 8000 lost momentum in late dealings. The close below 8000 has near-term negative implications. Twelve out of 14 of the subindices were in the negative column. Market internals were mixed with decliners totaling 141 while advancers numbered 140. Interest-rate sensitive stocks like financials and utilities contributed to most of the cheapening pressure as investors revised their assumptions about the Bank of Canada's near term policy intentions. Although the Canadian GDP report showed decleration in Febuary, the date wasn't as weak as originally expected.

European markets ended higher. In London, the Financial Times-Stock Exchange 100 index added 15.50 points, or 0.26%, to 5,966.90. In Germany, the DAX Index was up 89.27 points, or 1.45%, to 6,264.51. In France, the CAC 40 gained 64.06 points, or 1.15%, to 5,640.03.

In Asia, most markets were closed Monday for various holidays. On Friday, the Nikkei shed 38.71 points, or 0.28%, to 13,934.32. In Hong Kong, the Hang Seng added 92.93 points, or 0.70%, to 13,386.04 on Friday.


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