CANADA STOCKS-TSX lower as investors focus on end to ECB rate cuts

Thu Mar 10, 2016 4:41pm EST
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(Adds portfolio manager comment, details, updates prices)

* TSX ends down 13.76 points, or 0.10 percent, at 13,379.14

* Nine of the TSX's 10 main groups fall

By Alastair Sharp

TORONTO, March 10 (Reuters) - Canada's main stock index fell in volatile trade on Thursday, just its second slip in 11 sessions, as investors looked past the European Central Bank's rate cuts and expansion of stimulus to focus on signals that there would be no further cuts.

The broad decline - nine of the index's 10 main groups were lower - was offset by a 2.9 percent jump in materials stocks led by major gold producers as bullion prices gained.

The Toronto Stock Exchange's S&P/TSX composite index ended down 13.76 points, or 0.10 percent, at 13,379.14.

It had jumped above 13,500 in early trade after the ECB delved deep into its remaining arsenal of stimulus options, cutting interest rates and expanding asset-buying.

"People were like 'wait a minute, OK this is a great announcement but has anything changed? Not really. Let's sell the news'," said Manash Goswami, a portfolio manager at First Asset Investment Management, pointing to broadly negative corporate earnings trends in both the United States and Canada.   Continued...