TSX falls as resource stocks pull back

Fri Mar 18, 2016 4:30pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index fell on Friday, erasing the week's gains with a pullback in energy and banking stocks as well as slips in telecom and consumer staples names offsetting modest gains for industrial and materials stocks.

The index lost 0.2 percent on the week, with the Friday funk undoing earlier gains helped by rallying oil and gold prices.

"It was a wonderful week, energy was strong, gold was strong, the Canadian dollar firmed and there was a much more buoyant mood. It's just inevitable profit-taking," said John Ing, president of Maison Placements Canada.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 124.23 points, or 0.91 percent, at 13,497.07.

Valeant Pharmaceuticals International Inc (VRX.TO: Quote) plunged 9.7 percent to C$34.93 as investors pulled out as it faced tough demands from creditors and a sharply lower revenue outlook.

The energy group fell 1.4 percent as oil prices retreated from 2016 highs after a U.S oil rig count rose for the first time since December. [O/R]

TransCanada Corp (TRP.TO: Quote) fell 0.7 percent to C$49.08 after the company said it will buy Columbia Pipeline Group CPGX.N for $10.2 billion, creating one of North America's largest regulated natural gas transmission businesses.

The heavyweight financials group slipped 0.7 percent, while utilities fell 1 percent and consumer staples lost 2.2 percent.   Continued...

 
A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014.  REUTERS/Mark Blinch