CANADA STOCKS-TSX drops as energy rally falters, miners buck the trend

Mon Apr 27, 2015 4:55pm EDT
 
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(Adds strategist's comment, updates prices to close)

* TSX drops 64.25 points, or 0.42 percent, to 15,344.08

* Eight of the 10 main index sectors finish in the red

* Miners gain as commodity prices rise

By Alastair Sharp

TORONTO, April 27 (Reuters) - Canada's main stock index fell on Monday as a broad decline led by industrial and oil and gas shares eclipsed a rise in mining stocks, which were helped by buoyant metal prices.

Shares in Restaurant Brands International Inc, formed by Burger King's takeover of Canadian coffee and doughnut chain Tim Hortons last year, fell 2.9 percent to C$49.14, reversing an earlier jump, after reporting quarterly financial results.

After rallying off a March trough, the Toronto Stock Exchange's benchmark S&P/TSX composite index has sputtered in recent sessions, and some investors wonder whether further weakness lies ahead.

"We're heading into probably an intermediate correction," said John Johnston, chief strategy officer at Davis-Rea. He defined that as a 10 percent decline over a couple of months. "The thing is running out of gas here."   Continued...