TSX slips but BlackBerry tempers decline; index up on quarter
TORONTO/OTTAWA (Reuters) - Canada's main stock index ended modestly lower on Friday, weighed by financial and railway companies, though better-than-expected results from BlackBerry (BB.TO: Quote) offset some of the losses as its stock surged.
Despite the small decline, the Toronto stock market ended the first quarter up 1.7 percent, its fifth consecutive quarterly advance. Although the market hit a record high last month, it has pulled back somewhat since.
"We had a bit of a consolidation toward the end of this quarter, which I think was very healthy," said Rick Hutcheon, president and chief operating officer at RKH Investments.
"I think the market needs to pause a little bit. I suspect we're going to be in a situation where the market trades in a bit of a range for a while."
Shares of BlackBerry Ltd jumped 11.1 percent to C$10.3 after the company reported better-than-expected adjusted earnings and said it expects to be profitable on an adjusted basis in 2018.
BlackBerry was one of the biggest lifts on the index, while the tech group .SPTTTK was the best performing sector, climbing 0.7 percent.
But the market was weighed by declines in financial shares, including Royal Bank of Canada (RY.TO: Quote), which fell 1.0 percent to C$96.89. Bank of Nova Scotia (BNS.TO: Quote) declined 1.1 percent to C$77.8. The overall financials group .SPTTFS slipped 0.6 percent.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 31.01 points, or 0.2 percent, to 15,547.75. Of the index's 10 main groups, six fell.
CIBC (CM.TO: Quote), which fell nearly 3 percent on Thursday after it raised its offer for PrivateBancorp Inc, recouped some of the previous session's losses, rising 0.8 percent to C$114.67. Continued...