TSX slips; banks gain amid broad decline

Fri Jul 15, 2016 5:02pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index slipped on Friday, as a range of miners, energy producers, telecom and consumer stocks weighed, offsetting gains for its heavyweight bank stocks.

The Toronto Stock Exchange's S&P/TSX composite index ended down 32.10 points, or 0.22 percent, at 14,482.42. It gained 1.6 percent over the week, its third straight week of 1-percent-plus gains.

"Right now we're still floundering around, everyone's worried," said Rick Hutcheon, president and chief operating officer at RKH Investments. "But eventually people are going to start saying 'Oh, there is a blue sky, there is a light at the end of the tunnel'".

Among stocks weighing most heavily on the index were First Quantum Minerals Ltd, which fell 6.3 percent to C$10.21, and Detour Gold Corp, down 4.7 percent to C$32.12.

The materials sector, which includes precious and base metals miners and fertilizer companies, fell 0.7 percent.

Energy stocks lost 0.6 percent, with major producer Suncor Energy Inc down 1.4 percent to C$36.08.

Hutcheon said Canada's resource-based companies will become more attractive as a recovery in the United States, Canada's largest trading partner by far, picks up steam.

"There are increasing signs that the U.S. economy is starting to gain some traction," he said. "It's really what everyone's been waiting for."   Continued...

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