TSX ends lower; some energy stocks limit losses

Wed Sep 7, 2016 5:02pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index slipped on Wednesday as shares in some mining and telecom companies and a convenience store operator weighed, although rising energy stocks limited losses.

The country's central bank warned of risks to growth, hitting the currency but having only a marginal impact on financial stocks, while investors cheered one energy acquisition and pushed another buyer lower.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE settled down 16.37 points, or 0.11 percent, at 14,796.65. Eight of its 10 main sectors fell, although most were slight losses.

"The index is still extremely resilient," said Elvis Picardo, strategist at Global Securities in Vancouver, adding that corporate earnings were doing just enough to offset bearish economic data as investors continue to seek yield.

Alimentation Couche Tard Inc ATDb.TO fell 2.2 percent to C$66.35, after the convenience store operator said it had won approval for its purchase of almost 300 Esso fuel and convenience stores from Imperial Oil Ltd (IMO.TO: Quote).

On the other side of the ledger, pipeline company Enbridge (ENB.TO: Quote) rose 2.1 percent to C$56.44, adding to sharp gains on Tuesday, when it said it would pay about $28 billion in stock to buy Spectra Energy Corp SE.N.

Other gainers included Valeant Pharmaceuticals International Inc (VRX.TO: Quote), up 3.1 percent to C$39.05 after announcing the commercial U.S. introduction of a constipation medication late on Tuesday.

The telecom sector fell 1.3 percent, with Rogers Communications Inc RCIb.TO down 1.7 percent at C$55.62, and consumer staples lost 1.4 percent, with no other sector falling more than 0.25 percent.   Continued...

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