TSX little changed as miners gain, banks and energy slip

Fri Oct 28, 2016 4:55pm EDT
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index fell on Friday, with a drop in oil prices weighing on energy stocks and heavyweight financial names also slipping as investors worried about the country's growth prospects.

The index shed 1 percent on the week, after closing last week at a 16-month high.

"There's still concern over weak growth in Canada," said Bryden Teich, portfolio manager at Avenue Investment Management. "You're seeing a little bit of a pause."

He said investor unease was brought into focus by the Bank of Canada last week saying it had actively discussed adding more monetary stimulus to speed up economic recovery.

The Toronto Stock Exchange's S&P/TSX composite index settled down 48.46 points, or 0.33 percent, at 14,785.29.

The index's energy group lost 1.3 percent, with Cenovus Energy down 3.3 percent at C$20.03 and pipeline operator Enbridge Inc off 1.2 percent at C$58.37.

"It's been a mixed bag for energy earnings, and it's still wait and see until what happens at the end of November with the OPEC decision (on oil production), but near-term you do have a floor for oil prices," Teich said.

Imperial Oil Ltd fell 3.3 percent to C$43.38, even as its quarterly profit beat the consensus forecast on lower costs.   Continued...

Bay Street signs are seen in the heart of the financial district in Toronto, August 17, 2009. Toronto's main stock market index dove on Monday morning as commodity-linked stocks sank with oil and metals prices on worries over the pace of economic recovery.    REUTERS/Mark Blinch