Canadian Stocks Show Notable Move Back To The Downside

(RTTNews) - Canadian stocks moved to the downside during trading on Thursday, giving back ground following the rebound seen on Wednesday.

After surging by 1.9 percent in the previous session, the S&P/TSX Composite Index slumped 207.08 points or 1.1 percent to 18,441.84.

The pullback on Bay Street came as traders cashed in on yesterday's gains, as the buying interest generated by the Bank of England's bond market intervention quickly evaporated.

Healthcare stocks helped lead the way back to the downside, resulting in a 5.1 percent nosedive by the S&P/TSX Capped Health Care Index.

Significant weakness was also visible among technology stocks, as reflected by the 2.9 percent plunge by the S&P/TSX Capped Information Technology Index.

Interest rate-sensitive utilities and real estate stocks also saw considerable weakness, while gold stocks bucked the downtrend despite a modest decrease by the price of the precious metal.

On the economic front, Statistics Canada released a repot showing Canadian real gross domestic product edged up 0.1 percent in July, matching the uptick in June.

Statistics Canada said growth in goods-producing industries was partially offset by a decline in services-producing industries.