TSX slips on day, gains 0.9 percent in September and 4.7 percent in third quarter

Fri Sep 30, 2016 5:41pm EDT
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index fell on Friday as this week's rally in energy stocks paused and gold stocks retreated as concerns about the health of Germany's biggest bank eased.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 28.57 points, or 0.19 percent, at 14,725.98.

It gained 0.9 percent in September and 4.7 percent in the third quarter, and is close to breaking to its highest level in more than a year.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.4 percent. Teck Resources Ltd TCKb.TO lost 3.8 percent to C$23.65.

Barrick Gold Corp (ABX.TO: Quote) shares fell 1.5 percent to C$23.23 after a judge in Argentina ruled that operations at its Veladero mine would remain suspended, saying repairs were insufficient to reopen it after a leak of processing solution containing cyanide earlier this month.

The index's overall losses were offset by gains for industrial stocks as domestic data showed surprisingly strong economic growth in July.

"We are seeing industrial stocks in both Canada and the U.S. being relatively strong," said Steve Belisle, senior portfolio manager at Manulife Asset Management. "I think investors are looking at them now as a derivative for energy, because the higher oil price means there's going to be more industrial activity" as energy company spending increases.

Industrials rose 0.7 percent, helped by 1.1 percent gains in both major railways and a 7.1 percent surge in shares of Bombardier Inc (BBDb.TO: Quote) after it announced it would supply trains to a British rail operator..   Continued...

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