3 Min Read
* TSX up 32.43 points, or 0.25 percent, to 13,094.75
* Four of the TSX's 10 main groups were higher
By Fergal Smith
TORONTO, Nov 13 (Reuters) - Canada's main stock index fell to a fresh six-week low on Friday as extended losses for crude oil and softer-than-expected U.S. retail sales data weighed on the economic outlook, although stocks trimmed earlier losses.
It's a "sea of red," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier "mainly driven by what's going on in the U.S. I mean, U.S. retail sales were disappointing."
U.S. retail sales rose less than expected in October amid a surprise decline in automobile purchases, suggesting a slowdown in consumer spending.
The most influential movers on the index were Toronto- Dominion Bank, which fell 1.2 percent to C$53.39, and Royal Bank of Canada, which declined 1.4 percent to C$73.91, while the heavyweight financials group fell 1.0 percent.
"The banks would like to have a steeper yield curve," said Nakamoto, adding also that "people are questioning the credit quality of the loans," as well as "the loan growth, which is also a sign of economic weakness."
Bombardier fell 2.9 percent. On Thursday, Prime Minister Justin Trudeau said that when the government decides whether to give aid to the aircraft maker, it will take into account any possible trade challenge that might arise as a result.
At 10:58 a.m. (1558 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 32.43 points, or 0.25 percent, to 13,094.75.
Of the index's 10 main groups, four were in negative territory.
The energy sector rebounded 0.7 percent despite a fresh 2 1/2-month low for crude oil.
U.S. crude prices were down 2.5 percent to $40.7 a barrel, while Brent crude lost 0.6 percent to $43.78.
The materials group rose 0.7 percent, led by a 2.7 percent gain for Goldcorp.
And Valeant rebounded 1.3 percent to C$99.40. The stock has slumped from well above C$300 in September amid sharp scrutiny of its business practices.
Gold futures rose 0.4 percent to $1,085.4 an ounce.
Copper prices declined 0.3 percent to $4,809.5 a tonne. (Editing by Nick Zieminski)