CANADA STOCKS-TSX slips as energy shares drop with oil; banks gain
* TSX falls 23.92 points, or 0.17 percent, to 14,203.16 * Five of 10 main index sectors decline * BMO climbs after quarterly report * BlackBerry jumps after it unveils new models By John Tilak TORONTO, Feb 25 (Reuters) - Canada's main stock index slipped on Tuesday after a selloff in the oil price caused shares of energy producers to decline, offsetting gains in Bank of Montreal and BlackBerry. BMO's quarterly profit rose 2 percent, topping estimates, as strength in its Canadian branch-banking business and lower loan loss provisions offset a weak performance at its U.S. operation. BlackBerry shares jumped nearly 8 percent after the smartphone maker unveiled a cheaper touchscreen smartphone and a "classic" model with a keyboard. Despite Tuesday's decline, the Toronto market is up about 4.3 percent this year on the back of a recent string of gains. "The market needs a little rest. We've had a record run," said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "A little backing and filling is probably justified," he added. "But I don't think we're into a major selloff here." The Toronto Stock Exchange's S&P/TSX composite index was down 23.92 points, or 0.17 percent, at 14,203.16. The Canadian benchmark index has done better than the S&P 500 , its U.S. counterpart, so far in 2014. Cockfield expects the TSX to rise about 9-10 percent this year: "I still think we will continue to outperform the U.S. market as the year progresses, simply because our P/E multiples are lower." Five of the 10 main sectors on the index were in the red on Tuesday. Energy shares declined 0.8 percent. Canadian Natural Resources Ltd shed 1.3 percent to C$40.51, and Encana Corp fell 1.9 percent to C$21.07. The materials sector, which includes mining stocks, slipped 0.4 percent, with Teck Resources Ltd losing 2 percent to C$24.49. Financials, the index's most heavily weighted sector, climbed 0.2 percent. Royal Bank of Canada added 0.5 percent to C$72.82, and BMO advanced 0.8 percent to C$73.15. National Bank of Canada also gained, to C$43.91, after the country's sixth-largest lender reported late on Monday a 9 percent rise in first-quarter profit, driven by stronger wealth management and financial markets income.
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