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Canada ends week in the red
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February 12, 1999: 5:12 p.m. ET
Sell-off in U.S. markets migrates north, taking Great Northern bourses with it
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NEW YORK (CNNfn) - Toronto stocks followed the lead of New York on Friday, tumbling sharply as profit concerns in the high- technology group sent a shiver through the market.
The Toronto Stock Exchange's key 300 Composite Index fell 57.11 points, or 0.88 percent, to 6,433.70. Advances lagged declines 471 to 481 with another 302 issues unchanged.
Fears in the high-technology sector that revenue growth would not be as robust as expected sent the markets lower.
"I think you're going to see people a little uneasy with a lot of valuations in some of these technology companies now," said Jeff Milligan, a trader at Charles Schwab Canada.
Overall in Toronto, 9 of the TSE 300's 14 subindexes closed lower, led by a 2.2 percent dip in the industrial products group and a similar drop in the utilities group.
Bucking the negative trend was the gold and precious-minerals sector, which surged 3.07 percent.
Elsewhere in Canada, the Montreal Stock Exchange was also caught up in the wave of selling. The benchmark Portfolio fell 30.26, or 0.88 percent, to finish the week at 3,427.07. Declining issues outpaced advances 185 to 173, with 78 issues unchanged.
The selling in Vancouver was slightly less intense. The Vancouver Composite lost 0.33 points, or 0.08 percent, to round out the week at 410.06. Declines topped advances 210 to 206, with another 143 issues unchanged.
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