TSX dips as gold stocks drag, index still rises 1.7 percent for week

Fri Apr 22, 2016 5:00pm EDT
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index edged lower on Friday, slightly reducing this week's gains as gold stocks dragged, while higher oil prices supported energy stocks.

The index rose 1.7 percent over the course of the week and has rallied 20 percent since hitting a nearly 3-1/2-year low in January.

It touched a nearly six-month high on Wednesday at 13,971.83, just short of the 14,000 psychological threshold.

"It remains to be seen if the TSX (Toronto Stock Exchange) has the momentum to punch through that level (14,000) on the upside," said Elvis Picardo, strategist and vice president of research at Global Securities.

The TSX's S&P/TSX composite index closed down 7.22 points, or 0.05 percent, at 13,873.98. Seven of the index's 10 main groups ended lower.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.8 percent.

It included a 3.2 percent drop in Goldcorp Inc to C$21.65, while Barrick Gold Corp fell 1.8 percent to C$20.41.

The consumer, technology and telecom groups all fell.   Continued...

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