TSX win streak halted at 7; resource and industrials weigh
By Alastair Sharp
TORONTO (Reuters) - Canada's main stock index slipped into the red on Monday, ending a 7-day winning streak as rival miners won no love from a merger and investors also took a step back from a range of industrial and energy names.
Shares in Alamos Gold Inc jumped 6.6 percent to C$7.90 and AuRico Gold Inc surged 8.2 percent to C$4.09 as the pair of Canadian gold miners unveiled a $1.5 billion merger plan.
But the materials sector on the whole still fell almost 1 percent as resource prices softened on weak Chinese trade data.
Barrick Gold Corp, one of the world's largest bullion producers, slipped 2.3 percent to C$15.59, while diversified miner Teck Resources Ltd was off 3.8 percent at C$16.65.
"I don't think you get a lot of downside protection investing in commodities so I'm not going to do it," said Barry Schwartz, a portfolio manager at Baskin Financial Services.
The Toronto Stock Exchange's S&P/TSX composite index ended the session down 4.84 points, or 0.03 percent, at 15,383.59. It had gained almost 500 points since the end of March.
Advancing issues outnumbered declining ones by 125 to 115, for a 1.09:1 ratio on the upside.
The railways fell and Bombardier Inc also weighed on industrial names, with the plane and train maker slipping back 1.5 percent to C$2.60 after Friday's Reuters report it was looking to raise cash. Continued...