CANADA STOCKS-Gold mining stocks mute TSX loss after Brexit vote

Fri Jun 24, 2016 11:28am EDT
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(Adds portfolio manager comment, details from early trade)

* TSX falls 171.72 points, or 1.22 percent, to 13,959.66

* Eight of the TSX's 10 main groups down

* Material group up 2.5 pct as gold miners surge

By Alastair Sharp

TORONTO, June 24 (Reuters) - Canada's main stock index fell more than 1 percent on Friday after Britain voted to leave the European Union, a more muted retreat than in Europe and the United States as gold miners benefited from investors fleeing to the safety of bullion.

The heavyweight financials group lost 2.3 percent, with Royal Bank of Canada down 2.4 percent at C$77.80 and Manulife Financial Corp slumping 5.4 percent to C$17.73.

The blow to investor confidence and the uncertainty unleashed by the Brexit vote could keep the U.S. Federal Reserve from raising interest rates as planned this year, and even spark a new round of emergency policy easing from major central banks.

Gold miners surged, accounting for nine of the index's 10 most influential gains, as investors piled into bullion, considered a lower risk asset to hold in uncertain times.   Continued...