Thirteen unlucky for TSX as win streak ends at 12 days

Fri Feb 21, 2014 6:19pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By John Tilak

TORONTO (Reuters) - Canada's main stock index eased to its first loss in two weeks on Friday as declining bank stocks offset gains in telecom and resource-related companies.

Earlier in the day the index had touched its highest point in nearly three years as bullish U.S. data showing that manufacturing activity recorded its fastest growth in nearly four years in February helped drive gains.

The index also got a lift from fertilizer maker Agrium Inc AGU.TO, whose shares jumped a day after the company reported quarterly results.

Adding to the upward momentum, telecom companies Telus Corp (T.TO: Quote) and BCE Inc (BCE.TO: Quote) got a bounce a day after it was revealed they paid much less than rival Rogers Communications Inc (RCIb.TO: Quote) in a government auction of wireless airwaves.

Telus was up 2.2 percent at C$38.78, and BCE added 0.5 percent to C$47.82.

But after 12 sessions of gains, the market ended up taking a breather. Bank of Nova Scotia (BNS.TO: Quote) was the single biggest weight on the index, down 1 percent at C$63.32. Royal Bank of Canada, the country's largest lender, slipped 0.3 percent to

C$72.56.

"We're getting a little overbought. I wouldn't be surprised if the market paused here a little bit," said Rick Hutcheon, chief investment officer at RKH Financial, adding that the overall outlook still looks positive.   Continued...

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