Bombardier slumps, materials weigh on TSX fall

Thu Oct 29, 2015 5:15pm EDT
 
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By Alastair Sharp and John Tilak

TORONTO (Reuters) - Canada's main stock index fell on Thursday, with sliding commodity prices hurting miners, while Bombardier Inc (BBDb.TO: Quote) plunged after reporting a massive quarterly loss and Potash Corp (POT.TO: Quote) fell on trimmed earnings and sales forecasts.

The losses were offset by gains in the heavyweight energy sector amid volatile oil market trade.

Bombardier shed 15.5 percent to C$1.36 after the Montreal-based plane and train maker said the Quebec government will invest $1 billion in its long-delayed CSeries jet program and announced a $4.6 billion third-quarter loss.

The decline came a day after the market jumped following the U.S. Federal Reserve's decision to hold interest rates steady.

"It was a consolidation day," said Colin Cieszynski, chief market strategist at CMC Markets. "The Street was basically digesting the big moves yesterday," he said, adding that investors are coming around to the reality of an eventual Fed hike.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 71.28 points, or 0.51 percent, at 13,791.88.

There were 135 declining issues versus 101 gainers.

Goldcorp Inc G.TO lost 10.2 percent to C$17.32 as the price of gold fell for a second day, reaching its lowest level in three weeks.   Continued...

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