Toronto stocks end lower as technology shares fall

Nov 24 (Reuters) – Canada’s main stock index ended lower on Friday as technology stocks fell, but the decline was modest as domestic data showing a surprise increase in retail sales provided a positive signal for the economy.

The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) ended down 13.55 points, or 0.1%, at 20,103.11. For the week, it was down 0.4%, giving back some of its recent gains.

Activity was lighter than usual activity due to holiday-shortened trading for U.S. markets. Investors watched the start of the seasonal shopping season for signs of consumer resiliency.

“The big hitters (on Wall Street) have gone shopping so it’s otherwise pretty quiet here,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.

“The only news that was notable out of Canada was the retail sales report which was spectacular.”

Canadian retail sales exceeded expectations to grow by 0.6% in September from August, and were seen likely to gain 0.8% in October. The data countered recent evidence that the economy was flirting with a recession.

“If people are still willing to spend money that’s a good sign for the economy,” Cieszynski said.

The Toronto market’s technology and utilities sectors both lost 0.4% but heavily-weighted financials ended in positive territory, gaining 0.1%.

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