CANADA STOCKS-TSX falls as financial and resource shares decline

Wed Nov 16, 2016 11:30am EST
 
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(Adds details throughout on stocks and sectors, updates prices)

* TSX down 55.59 points, or 0.38 percent, at 14,700.51

* Seven of the TSX's 10 main groups were lower

TORONTO, Nov 16 (Reuters) - Canada's main stock index fell on Wednesday as the financials and materials groups lost ground, while some losses for energy shares were pared as oil turned higher.

At 11:02 a.m. EDT (1602 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 55.59 points, or 0.38 percent, to 14,700.51.

The decline follows the index's biggest gain on Tuesday since September. It has rallied 13 percent this year, but has been in a holding pattern since posting a 16-month high at 14,963.60 in October.

Financials pared some recent gains for a second straight day as yields on longer-dated bonds fell. Toronto-Dominion Bank fell 0.5 percent to C$62.10, while the overall financials group was down 0.4 percent.

Higher bond yields improve the net interest margin for banks and reduce the value of insurance companies' liabilities.

Yields had climbed since the U.S. election last week as investors bet that President-elect Donald Trump will pursue policies that will trigger higher inflation.   Continued...