Miners lead TSX retreat; index still up 1.4 percent on week

Fri Jan 6, 2017 4:37pm EST
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index fell on Friday, with gold miners and other materials stocks leading a broad retreat from a three-day rally that saw the index approach an all-time high to start the year.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended the day down 90.53 points, or 0.58 percent, at 15,496.05 despite booming jobs and trade data.

"We had a couple of good days before this so there's some money getting taken back off the table as there's some uncertainty about the numbers," said Sadiq Adatia, chief investment officer at Sun Life Global Investments.

For the holiday-shortened week, the index notched a 1.4 percent gain.

The economy unexpectedly added 53,700 jobs last month, data from Statistics Canada showed, but analysts and investors pointed to a history of volatility as a reason stocks and the currency responded in muted fashion.

Another report showed Canada posted an unexpected trade surplus in November, its first in more than two years.

Eight of the index's 10 main groups finished in negative territory, with three declining issues for every gainer.

"What we're seeing is what we'll see more of this year, these ups and downs," said Adatia, who added he was neutral on Canada for this year compared with a more negative view last year.   Continued...

 
A Bay Street sign, the main street in the financial district is seen in Toronto, January 28, 2013. REUTERS/Mark Blinch