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Canada suffers vertigo
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March 11, 1999: 5:31 p.m. ET
Toronto, Montreal can't stand the heights, paring gains to close in the red
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NEW YORK (CNNfn) - After posting solid gains in early morning trade, Toronto equities yielded ground Thursday to finish the day in negative territory.
Some economists were concerned about a strong U.S. retail sales report released Thursday, which suggested even healthier growth than forecast. U.S. February retail sales rose 0.9 percent after a 1.0 percent gain in January. February was the seventh month in a row where sales increased.
Paul Ferley, assistant chief economist at Bank of Montreal, suggested this ultimately could force the U.S. Federal Reserve to temper growth with a tighter credit policy.
The Toronto Stock Exchange fell 68.2 points, or 0.1 percent, to 6565.80 in heavy turnover of 146,754,080 million shares. Advancing issues beat out declines 520 to 466 and another 276 were steady.
Toronto's paper and forest sector rose 1.95 percent, while the conglomerates group gained 1.9 percent.
The same scenario unfolded in Montreal, as stocks climbed in the morning and tumbled in afternoon trade. The benchmark Portfolio retreated 7.71 points, or 0.22 percent, to close the day at 3512.65.
Bucking the trend, however, was the Vancouver Composite, which picked up 2.63 points, or 0.62 percent, to close at 425.23. 
-- from staff and wire reports
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