CANADA STOCKS-TSX slips after Fed, banks lead decline

Wed Jun 17, 2015 5:08pm EDT
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(Adds portfolio manager comment, updates prices to close)

* TSX ends down 20.07 points, or 0.14 percent, at 14,732.98

* Eight of the TSX's 10 main groups close lower

By Alastair Sharp

TORONTO, June 17 (Reuters) - Canada's main stock index slipped on Wednesday as the country's biggest banks retreated, after the U.S. Federal Reserve moved cautiously towards rate hikes later this year.

The central bank of Canada's main trading partner said the U.S. economy is growing moderately as it trimmed its growth forecasts and stretched out its timeline for higher borrowing costs.

Toronto-Dominion Bank led the decliners, down 0.8 percent at C$53.86, while Royal Bank of Canada slipped 0.6 percent to C$78.05 and Bank of Nova Scotia declined 0.8 percent to C$65.28. The heavily-weighted financial group fell 0.6 percent.

The biggest pushback came from the materials group, which gained 0.8 percent overall, as miners benefited from a higher gold price. Barrick Gold Corp rose 2.6 percent to C$14.13.

Other major gainers included Canadian National Railway , which rose 0.8 percent to C$73.95.   Continued...