TSX slips, pressured by losses for telecoms and energy

Fri Oct 7, 2016 5:34pm EDT
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index fell on Friday as lower oil prices weighed on energy stocks and an unfavorable regulatory ruling pressured the shares of telecom companies.

For the week, the index fell 1.1 percent. Still, it has rallied more than 26 percent since hitting a 3-year low in January.

"Markets are definitely taking a breather," with investors mindful of a Canadian market holiday on Monday for Thanksgiving Day and the upcoming third-quarter earnings season, said Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP.

"I think there is maybe some nervousness going into earnings season given the last few quarters in the United States were a little underwhelming," said Zohny.

Telecoms fell 1.2 percent after a regulator said major internet service providers must lower the wholesale rates they charge smaller rivals for access to their networks.

Rogers Communications Inc lost 1.9 percent to C$54.20, Telus Corp fell 1.3 percent to C$42.30, and BCE Inc declined 0.9 percent to C$59.43.

The energy group fell 0.5 percent as oil fell.

Canadian Natural Resources Ltd fell 0.7 percent to C$42.39, while U.S. crude oil futures settled down 63 cents at $49.81 a barrel as investors took profit after recent gains. [O/R]   Continued...

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