Advertisement
Canada markets close in 6 hours 24 minutes
  • S&P/TSX

    22,178.03
    +70.95 (+0.32%)
     
  • S&P 500

    5,247.20
    -1.29 (-0.02%)
     
  • DOW

    39,792.32
    +32.24 (+0.08%)
     
  • CAD/USD

    0.7372
    -0.0000 (-0.00%)
     
  • CRUDE OIL

    82.45
    +1.10 (+1.35%)
     
  • Bitcoin CAD

    96,503.38
    -190.41 (-0.20%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,230.80
    +18.10 (+0.82%)
     
  • RUSSELL 2000

    2,114.35
    +44.19 (+2.13%)
     
  • 10-Yr Bond

    4.2220
    +0.0260 (+0.62%)
     
  • NASDAQ

    16,369.75
    -29.78 (-0.18%)
     
  • VOLATILITY

    12.95
    +0.17 (+1.33%)
     
  • FTSE

    7,956.80
    +24.82 (+0.31%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • CAD/EUR

    0.6817
    +0.0012 (+0.18%)
     

TSX falls as resource and financial stocks lose ground

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch

By Fergal Smith

TORONTO (Reuters) - Canada's main stock index fell to a two-week low on Wednesday as resource and financial stocks lost ground, while domestic trade data disappointed and a wildfire led to production cuts in the country's oil sands region.

The index weakened for a third straight day, extending a pullback from Friday's six-month high of 13,972.62.

"We have relatively stretched valuations and I think just a lot of (investor) repositioning from the upswing we've had on the commodity side," said Ben Jang, a portfolio manager Nicola Wealth Management.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) closed down 75.68 points, or 0.55 percent, at 13,632.00. Five of the index's 10 main groups ended lower.

ADVERTISEMENT

Still, the index has rebounded 18 percent from a nearly 3-1/2-year low in January, helped by a rebound in commodity prices.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 2.4 percent.

Barrick Gold Corp (Toronto:ABX.TO - News) fell 3.6 percent to C$22.48, while First Quantum Minerals Ltd (Toronto:FM.TO - News) was down 8 percent at C$9.29.

Spot gold fell 0.5 percent, retreating further from a 15-month high as the U.S. dollar rose, while copper prices declined 1.1 percent to $4,867.15 a tonne. [GOL/][MET/L]

Energy stocks fell 0.7 percent after a wildfire in the heart of the Canadian oil sands region disrupted oil company operations.

Suncor Energy Inc (Toronto:SU.TO - News) declined 2.2 percent to C$34.18. The company said it was reducing crude production in the oil sands region to allow employees and families to get to safety.

U.S. crude prices settled at $43.78 a barrel, up 0.30 percent, although some gains were pared after a bigger-than-expected build in U.S. crude inventories offset production cuts in Canada. [O/R]

Financial stocks fell 0.6 percent. It included a 1.3 percent decline in the shares of Bank of Nova Scotia (Toronto:BNS.TO - News) to C$62.61.

Canadian National Railway Co (Toronto:CNR.TO - News) lost 2.1 percent to C$75.93, while the overall industrials group ended down 0.5 percent.

Canada's trade deficit widened in March to a record C$3.41 billion as exports sank for a second month on weak demand from the crucial U.S. market.

Shares of Maple Leaf Foods Inc (Toronto:MFI.TO - News) jumped 6.8 percent to C$28.03 after the meat processor reported a better-than-expected quarterly profit, helped by higher earnings in its prepared meats business.

The overall consumer staples group rose nearly 1 percent, while defensive telecom stocks rose 0.8 percent.

(Reporting by Fergal Smith; Editing by James Dalgleish and David Gregorio)