TSX posts biggest tumble in nearly two months as commods slide
By Fergal Smith
TORONTO (Reuters) - Canada's main stock index tumbled the most since mid-September on Friday as lower commodity prices pressured the shares of energy and mining companies, while financials and industrials also lost ground.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 188.84 points, or 1.28 percent, at 14,555.41.
Losses for the index left it just 0.3 percent higher for the week and below the 14,656.84 level it closed at on Tuesday before the result of the U.S. presidential election.
"We still have a defensive positioning," said Manash Goswami, portfolio manager at First Asset Investment Management.
The initial thought was that tax cuts and less financial sector regulation proposed by U.S. President-elect Donald Trump could be good for stocks. But investors are now asking if protectionist policy could lead to slower global growth and if a reduced role for the U.S. government in world security could destabilize regions, Goswami said.
All 10 of the index's main groups ended lower.
The energy group fell 1.3 percent as oil prices tumbled. U.S. crude oil futures CLc1 settled $1.25 lower at $43.41 a barrel as the market refocused on a persistent supply overhang. [O/R]
Enbridge Inc (ENB.TO: Quote) fell 2.7 percent to C$55.12, while TransCanada Corp (TRP.TO: Quote) was down 2.1 percent at C$58.91, paring some of this week's gains on bets that Trump might revive the Keystone XL pipeline. Continued...