TSX dips as resource shares weigh; remains shy of record high

Thu Jan 26, 2017 4:36pm EST
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index fell on Thursday but stayed close to its all-time high as a retreat among materials and energy stocks weighed and investors reacted to a string of earnings reports.

The Toronto Stock Exchange's S&P/TSX composite index closed down 28.32 points, or 0.18 percent, at 15,615.52.

"It's just taking a little bit of a breather," said Sid Mokhtari, market technician and director at CIBC World Markets.

"The price action today is very much reflective of what we have done over the last little while in a very strong move."

The index has advanced more than 2 percent this month after surging 17.5 percent in 2016. On Wednesday, it moved intraday within 11 points of its September 2014 record peak at 15,685.13.

A more protectionist United States is a risk to the outlook for stocks, but for now the market is betting that U.S. President Donald Trump will be able to carry out the policies he has promised, Mokhtari said.

Trump has said he supports lower taxes, fiscal stimulus and lighter regulation.

The most influential movers on the index included cable and wireless company Rogers Communications Inc, which rose 6.6 percent to C$56.04 after reporting better-than-expected adjusted profit on solid wireless growth.   Continued...

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