TSX dips for fifth straight session, energy stocks resilient
By Fergal Smith
TORONTO (Reuters) - Canada's main stock index edged lower on Tuesday as consumer, industrial and materials stocks weakened, while energy stocks rose despite weaker crude oil prices.
The index fell for a fifth straight session, but after paring the worst of losses. It follows an 11 percent loss in 2015, its worst year since the global financial crisis of 2008.
"It's a cautious start to the year," said Brian Pow, vice president, research at Acumen Capital Partners in Calgary, adding "the volumes in certain stocks are still pretty light"
Magna International Inc (MG.TO: Quote) declined 2.4 percent to C$54.35, while the overall consumer discretionary sector fell 1.2 percent.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 7.01 points, or 0.05 percent, to 12,920.14. Six of the index's 10 main groups were in negative territory.
"People are trying to look for new ideas," said Pow, including reallocation of capital out of energy into other growth areas.
Nonetheless, energy stocks closed 0.6 percent higher, revealing resilience in the face of weaker crude oil prices. Continued...