TSX down as central bank warns on housing, oil price slips
By Alastair Sharp
TORONTO (Reuters) - Canada's main stock index fell on Thursday after hitting its highest level since August a day earlier, with energy stocks hurt by oil's pullback and financials down with bond yields and a Bank of Canada warning on the country's housing market.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE has been moving steadily higher since a multi-year low in January, helped by a recovery in oil prices to around $50 a barrel from nearer $25.
Crude prices slipped in the session after a three-day rally, with a strong U.S. dollar sparking profit-taking. [O/R]
"The TSX has been on a tremendous run," said Elvis Picardo, strategist at Global Securities in Vancouver, adding it and other global indexes "seem to be running off a little bit of steam here."
Financial stocks fell 0.75 percent overall, as the Bank of Canada warned that rapid price hikes for homes in Toronto and Vancouver are unlikely to continue.
The energy group retreated 1.4 percent, with Canadian Natural Resources CNQ.TO down 1.4 percent to C$38.08 and Cenovus Energy Inc (CVE.TO: Quote) off 3.3 percent at C$19.28.
The most influential movers on the index included Manulife Financial (MFC.TO: Quote), which declined 2.5 percent to C$18.55.