TSX slips on day and week; eyes bank earns, Fed
By Alastair Sharp
TORONTO (Reuters) - Canada's main stock index closed a fraction lower on Friday as investors awaited bank earnings and more talk from the U.S. Federal Reserve next week, giving the TSX its third straight directionless day.
Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 8.22 points, or 0.06 percent, at 14,687.46. It lost 0.4 percent over the week in low-volume trade as a recent pullback lost momentum and investors looked ahead.
"It's Friday. We're just taking a little bit of a breather," said Kevin Headland, senior investment strategist at Manulife Investments.
"The last couple of days, and today, are a breather post-Fed minutes, post the end of U.S. earnings season, perhaps adjusting, looking forward to Canadian earnings," he added.
Canada's biggest banks report third-quarter earnings starting with Bank of Montreal (BMO.TO: Quote) next Tuesday followed by Royal Bank of Canada (RY.TO: Quote), Toronto-Dominion Bank (TD.TO: Quote) and Canadian Imperial Bank of Commerce (CM.TO: Quote) later in the week. Bank of Nova-Scotia (BNS.TO: Quote) follows the week after.
The heavyweight banking sector rose 0.5 percent, while energy stocks fell 0.4 percent as U.S. crude CLc1 posted its biggest weekly gain since March in a rally analysts cautioned was not justified by fundamentals.
Gold XAU= fell more than 1 percent, hurting the TSX's hefty gold mining component.