CANADA STOCKS-TSX in broad selloff after Tuesday's 19-month high

Wed Mar 13, 2013 10:39am EDT
 
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* TSX down 81.95 points, or 0.64 percent, at 12,796.63
    * Energy, bank shares lead decline

    By Alastair Sharp
    TORONTO, March 13 (Reuters) - Canada's main stock index fell
sharply on Wednesday, coming off the 19-month high it reached on
Tuesday, as investors retreated from heavyweight energy, bank
and mining stocks.
    The resources-rich index posted a broad decline despite
buoyant commodity prices, and some of the country's big banks
also weighed heavily.
    Royal Bank of Canada was the single biggest weight,
down 0.8 percent at C$61.98, and Bank of Nova Scotia 
fell 0.6 percent to C$60.26.
    "We've come a long way. The stock market can't go up every
single day," said Craig Fehr, Canadian market strategist at
Edward Jones in St. Louis, Missouri. 
    "It's reasonable for investors to start to expect a little
more volatility or potentially even a pullback in the near
term," he said.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 81.95 points, or 0.64 percent, at 12,796.63
at mid-morning.
    The TSX has risen roughly 9 percent since a mid-November
trough, and hit a 19-month high on Tuesday, though it has
underperformed U.S. indexes over that period. 
    "The energy stocks in particular have done very well in the
last two weeks," said John Kinsey, portfolio manager at Caldwell
Securities. "The materials not so much ... gold stocks are still
languishing even though the metal has been coming up for about
the last week."
    Goldcorp Inc fell 1.5 percent to C$33.40 and Teck
Resources Ltd lost 2 percent to C$30.98.