TSX slips as non-gold resource stocks weigh

Fri May 13, 2016 5:01pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index slipped on Friday, weighed down by financials, industrials and resource stocks as they pulled back in line with softer prices for oil and other commodities.

"Today's price action is somewhat suggestive that some of these commodity sectors are perhaps extended from the perspective of the run that they've had," said Sid Mokhtari, market technician and director of institutional equity research at CIBC World Markets.

Gold miners cushioned the fall, however, as bullion shrugged off a stronger U.S. dollar and data suggesting a brighter outlook for the U.S. economy. [GOL/]

Barrick Gold Corp (ABX.TO: Quote) gained 2.5 percent to C$23.86, Kinross Gold Corp K.TO added 2.5 percent to end at C$6.69, and Eldorado Gold Corp (ELD.TO: Quote) rose 4.1 percent to C$6.33.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE settled down 39.22 points, or 0.28 percent, at 13,748.58, with seven of its 10 main sectors notching losses. It gained 0.3 percent on the week.

The energy group lost 0.7 percent as oil prices ended a three-day bull run, falling as a stronger dollar weighed and investors cashed in recent gains. [O/R]

The heavyweight financials group slipped 0.4 percent, while industrials fell 0.9 percent.

Brookfield Asset Management (BAMa.TO: Quote) lost 1.1 percent to C$42.92. It entered exclusive talks to buy a natural gas pipeline unit from Brazil's Petrobras, the state oil producer said after the close on Thursday.   Continued...

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