Energy shares pull TSX lower; BlackBerry, Cameco gain

Tue Feb 25, 2014 5:44pm EST
 
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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.

Energy shares fell 0.5 percent. Canadian Natural Resources Ltd (CNQ.TO: Quote) shed 0.5 percent to C$40.82, and Encana Corp (ECA.TO: Quote) dropped 1.5 percent to C$21.15.   Continued...

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