By Ketki Saxena
Investing.com -- Canada's main stock index, the S&P/TSX Composite index declined today after the Labour day long weekend, pressured by metal prices after weak Chinese data.
Data from China showed that services activity expanded at its slowest pace in eight months in August.
The TSX was also pressured by rate-sensitive tech stocks, as investors await an interest rate decision from the Bank of Canada tomorrow.
The commodity-heavy Canadian index gained some support from crude prices, which hit their highest since November after Saudi Arabia and Russia announced they will extended voluntary supply cuts to year end.
Canadian Stock Market News
Canadian stocks should see a boost as institutional buyers such as domestic pension plans and mutual funds revert to Canadian equities after a 15 year shift to US and international markets. Ian de Verteuil, an analyst at CIBC (TSX:CM), stated in a note to clients that though CIBC remains "cautious on equities overall, we believe an end to the shift out of Canada should provide some support for the S&P/TSX"
Canadian Stocks Moving Markets Today
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