TSX posts fifth straight decline, turns negative on year

Thu Jun 6, 2013 4:48pm EDT
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By John Tilak

TORONTO (Reuters) - Canada's main stock index fell for a fifth straight session on Thursday, dragged by weaker financials to a one-month low as investors nervously awaited an upcoming U.S. jobs report.

With the day's drop, the index has slipped into the red for the year.

A slew of negative economic numbers this week renewed doubts about the global economic recovery and weighed on the Toronto market.

Investors also speculated whether the U.S. Federal Reserve will roll back its stimulus program.

"You've had a series of bad economic data that's been coming out," said Sid Mokhtari, market technician and director, institutional equity research, at CIBC World Markets.

"Maybe people are a little jittery," he added. "Everyone's a little nervous about tomorrow's nonfarm payroll."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 34.32 points, or 0.28 percent, at 12,409.33. It earlier slipped to its lowest since May 2.

The European Central Bank kept interest rates unchanged and President Mario Draghi said the bank's policy would remain accommodative for as long as needed, signaling a readiness to keep rates low for months to come, to aid an economic recovery.   Continued...

A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch