CANADA STOCKS-TSX tracks dip in commodities, long-dated bond yields
(Adds portfolio manager comments and details on Teck Resources and Manulife and updates prices)
* TSX ends down 22.88 points, or 0.16 percent, at 14,733.22
* Six of the TSX's 10 main groups end lower
By Fergal Smith
TORONTO, Nov 16 (Reuters) - Canada's main stock index fell on Wednesday as a dip in commodity prices and long-dated bond yields weighed on resource and financials stocks, offsetting gains for the consumer staples group.
The Toronto Stock Exchange's S&P/TSX composite index closed down 22.88 points, or 0.16 percent, at 14,733.22.
The decline follows the Tuesday's biggest gain since September. The index 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.
Cyclical stocks, such as diversified miner Teck Resources Ltd, had been cheap at the beginning of the year and had already started to move up before last week's U.S. presidential election, said Ian Nakamoto, equity specialist at MacDougall, MacDougall & MacTier, a division of Raymond James.
"You layer on top a (Donald) Trump win where people thought economic growth is going to accelerate more than under (Democratic candidate) Hillary Clinton, then it has just added fuel to the fire for more investors to get into those stocks." Nakamoto said. Continued...