CANADA STOCKS-TSX declines after ECB cuts interest rates
* TSX down 24.40 points, or 0.16 percent, at 14,772.39 * Six of 10 main index sectors decline * Canadian Western Bank falls after reporting results By John Tilak TORONTO, June 5 (Reuters) - Canada's main stock index slipped on Thursday as shares of energy and bank shares weakened after the European Central Bank moved to cut rates. The ECB set in motion a range of measures targeted at tackling low inflation as it cut rates, imposed negative interest rates on its overnight depositors and offered banks new long-term funds. The price of bullion jumped after the announcement, helping support a 1 percent rise in shares of gold producers. Overall the Toronto market eased after advancing in each of the four previous sessions and hitting a near six-year high on Wednesday. "Maybe there is a pause here. It is more of a consolidation of the strong move that we've had," said Sid Mokhtari, market technician and director, institutional equity research, CIBC World Markets. He said that there was no negative market trend developing and added that he was seeing strong fund flows into the energy sector, including foreign funds. "Blue-chip stocks are also strongly outperforming smaller-cap names," he said. The Toronto Stock Exchange's S&P/TSX composite index was down 24.40 points, or 0.16 percent, at 14,772.39. Six of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, gave back 0.4 percent. Royal Bank of Canada lost 0.6 percent to C$74.46, and Bank of Nova Scotia declined 0.6 percent to C$70.08. Shares of energy producers followed the price of oil lower. Suncor Energy Inc shed 0.9 percent to C$42.15, and Canadian Natural Resources Ltd was down 0.7 percent at C$45.21. Among gold-mining shares, Goldcorp Inc climbed 1 percent to C$25.37, and Barrick Gold Corp added 0.9 percent to C$17.55. In corporate news, Canadian Western Bank reported the 19 percent rise in fiscal second-quarter net profit and raised its dividend. The stock fell 0.7 percent to C$38.10. (Editing by W Simon)
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