TSX pushed lower as oil falls; jitters boost gold miners

Tue Jul 5, 2016 4:58pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index fell on Tuesday after four days of gains, as slumping oil prices pulled down energy companies and global jitters weighed while prompting some gains for yield-paying telecom stocks and gold miners.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 39.30 points, or 0.28 percent, at 14,219.57. There were three decliners for every two advancers.

The heavyweight energy group retreated 1.6 percent, as renewed worries that Britain's exit from the European Union would slow the global economy pushed oil sharply lower. [O/R]

"It just ran up so quickly," Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier, said of recent gains for Canadian resource stocks. "I don't think it's anything serious, nor do I think it's a change in direction."

"In general, Canada looks attractive," he added.

Suncor Energy Inc (SU.TO: Quote), Canada's largest oil and gas company, fell 1.4 percent to C$36.18, while pipeline operator TransCanada Corp (TRP.TO: Quote) gained 1.8 percent to C$60.01.

Telecom companies gained 1.2 percent overall, with the country's three largest operators among the most influential gainers as investors sought out relatively stable stocks offering decent dividend yields.

Telus Corp (T.TO: Quote) gained 1.9 percent to C$42.93, BCE Inc (BCE.TO: Quote) rose 0.9 percent to C$61.73, and Rogers Communications Inc (RCIb.TO: Quote) advanced 1.1 percent to C$53.10.   Continued...

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