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Markets wander aimlessly
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January 20, 1999: 5:21 p.m. ET
Canadian bourses continue week-long struggle to find direction, end lower
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NEW YORK (CNNfn) - Toronto's stock market closed slightly lower on Wednesday as it continued a week-long struggle to find direction.
After opening slightly higher on gains in telecommunications and transportation issues, the Toronto Stock Exchange's benchmark 300 Composite Index yielded all of its gains, shedding 45 points, or 0.7 percent, to close the day at 6,713.9. The oil and gas sector was the biggest loser, dropping nearly 3.9 percent by the end of the day.
Consumer products, by contrast, was a particularly strong sector, jumping more than 4 percent by the close.
Volume in the broader market was moderate at 113.3 million shares as traders bided their time ahead of speeches by two market movers -- U.S. Federal Reserve Chairman Allan Greenspan's remarks on the state of the U.S. economy to the House Ways and Means Committee, and Bank of Canada Governor Gordon Thiessen's talk on Canada's economy Wednesday afternoon.
Declining issues led advancing issues 573 to 446 with 232 issues unchanged.
Elsewhere in Canada, the Vancouver Stock Exchange Composite ended the day down 3.61 points, or 0.9 percent, at 418.6.
The benchmark Montreal Portfolio also lost ground, dipping a modest 2.12 points, or 0.06 percent, to finish the day at 3,480.
-from staff and wire reports
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