CANADA STOCKS-TSX stumbles as greenback rally hurts commodity players

Tue May 26, 2015 4:55pm EDT
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(Updates prices to close; adds portfolio manager comment)

* TSX ends down 136.59 points, or 0.90 percent, at 15,050.81

* Nine of TSX's 10 main groups decline

* Six decliners for every advancing stock

By Alastair Sharp

TORONTO, May 26 (Reuters) - Canada's main stock index stumbled on Tuesday as gold miners, banks and energy companies led a broad sell-off that had value investors cheering as data reminded the market that U.S. interest rates will eventually rise.

With a long period of low borrowing costs, money has sloshed into equities, one portfolio manager said. Some of the froth could be removed with each economic report that prompts the U.S. Federal Reserve closer to a rate hike.

"Markets are expensive and I've got cash, so I'm thrilled," said Norman Levine, managing director at Portfolio Management Corp. "I've got stuff I want to buy and I'd love to see the markets come down."

The Toronto Stock Exchange's S&P/TSX composite index lost 136.59 points, or 0.90 percent, to 15,050.81 for its biggest one-day drop in several weeks. Of the 10 main sectors, only info tech gained.   Continued...