Energy shares pull TSX lower; BlackBerry, Cameco gain
By John Tilak
TORONTO (Reuters) - Canada's main stock index fell on Tuesday as a drop in shares of some energy producers, following a selloff in the price of oil, more than offset gains in BlackBerry Ltd (BB.TO: Quote) and Cameco Corp (CCO.TO: Quote).
BlackBerry shares jumped nearly 8 percent after the smartphone maker unveiled a cheaper touch screen smartphone and a "classic" model with a keyboard.
Despite Tuesday's decline, the Toronto market is up about 4.2 percent this year on a recent string of gains.
Nonetheless, investors should be prepared for choppy markets this year, said Adrian Mastracci, portfolio manager at KCM Wealth Management.
"You need to get used to a roller coaster. It's going to be volatile," he said. "If things are getting beat up, buy some quality."
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 38.10 points, or 0.27 percent, at 14,188.98. The Canadian benchmark index has done better than the S&P 500 .SPX, its U.S. counterpart, so far in 2014.
Seven of the 10 main sectors on the index were in the red.