TSX slips as Home Capital sentiment, resource stocks drag
By Solarina Ho
TORONTO (Reuters) - Canada's main stock index retreated on Wednesday as lower commodity prices weighed on resource stocks, while negative sentiment around troubled Home Capital Group Inc (HCG.TO: Quote) spilled over into the broader financial sector.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 76.51 points, or 0.49 percent, at 15,543.14. All of the index's 10 biggest groups lost ground.
"More so than anything, it's the Home Capital sentiment spillover that's leading to some caution," said Bryden Teich, portfolio manager at Avenue Investment Management.
"That kind of sentiment could linger for a little bit, but fundamentals still look pretty good."
The overall materials group, home to precious and base metals miners and fertilizer companies, lost 1.3 percent, tracking falls in base metals, including copper and nickel. Copper prices CMCU3 fell 3.5 percent to $5,600.15 a tonne. [MET/L]
Kinross Gold Corp (K.TO: Quote) and Tahoe Resources Inc (TAHO.N: Quote) tempered some of the losses and were among the most positive influential movers, after the gold miners reported strong results late on Tuesday. Kinross jumped 10.7 percent to C$5.08, while Tahoe surged 15.1 percent to C$12.35.
The financials group, which accounts for roughly a third of the entire index's weight, dipped 0.2 percent. Continued...