TSX falls as three-day streak ends in broad retreat

Wed May 20, 2015 4:57pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index fell on Wednesday, ending a three-session winning streak, as heavyweight banking issues led a broad decline, interrupted by oil and gas company gains on rebounding crude prices.

The country's biggest banks will report quarterly earnings next week, giving investors an updated view of the broader economic environment.

Bank of Nova Scotia (BNS.TO: Quote) pulled back 1.3 percent to C$64.44 and Royal Bank of Canada RY.TO slipped 0.6 percent to C$79.60.

"It's just leaking a little bit here today," said John Kinsey, portfolio manager at Caldwell Securities Ltd. "It's two steps forward and one step backward; we're moving forward, but it's very slow."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 48.19 points on the day, or 0.32 percent, at 15,072.83, with energy the sole gainer out of the ten main sectors on the index. Decliners outnumbered advancing issues by 137 to 105, for a 1.30-to-1 ratio on the downside.

Kinsey said investors mostly shrugged off minutes from the U.S. Federal Reserve's April meeting that showed policymakers believed it would be premature to raise interest rates in June.

"This market is climbing a wall of worry, there's so much political noise and then there's a lot of economic noise," he said.

Suncor Energy Inc SU.TO was among the most influential gainers, rising 0.8 percent to C$36.41, while Canadian Natural Resources (CNQ.TO: Quote) advanced 0.6 percent to C$37.95.   Continued...

 
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.  REUTERS/Mark Blinch