TSX falls; weak oil, U.S. data weigh on sentiment
By Fergal Smith
TORONTO (Reuters) - Canada's main stock index extended this week's losses, recording its lowest close in more than six-weeks, as a new 2 1/2-month low for crude oil and softer-than-expected U.S. retail sales data weighed on investor sentiment.
The most influential movers on the index were Royal Bank of Canada, which fell 1.4 percent to C$73.94, and Toronto-Dominion Bank, which declined 1.2 percent to C$53.37, while the overall financials group tumbled 1.4 percent.
The overall consumer discretionary group retreated 1.3 percent, while telecoms fell 1.1 percent, including a 1.5 percent drop for Telus Corp.
"It's mainly driven by what's going on in the U.S. I mean U.S. retail sales were disappointing," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
U.S. retail sales rose less than expected in October amid a surprise decline in automobile purchases, suggesting a slowdown in consumer spending.
At the close, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE fell 51.76 points, or 0.39 percent, to 13,075.42, leaving it 3.5 percent lower for the week.
Of the index's 10 main groups six were in negative territory, while declining issues outnumbered advancing ones on the TSX by 122 to 114, for a 1.07-to-1 ratio on the downside.
Ontario power distributor Hydro One Ltd (H.TO: Quote), whose shares made their debut on the Toronto Stock Exchange last week, fell 0.6 percent after reporting an 11 percent rise in third-quarter profit. Continued...