CANADA STOCKS-Cameco plunge leads TSX lower, energy also weighs

Wed Jan 18, 2017 5:14pm EST
 
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(Adds asset manager comment, details, updates prices to close)

* TSX ends down 43.51 points, or 0.28 percent, at 15,397.85

* Half of the TSX's 10 main groups move lower

* Five decliners for every two advancing stocks

By Alastair Sharp

TORONTO, Jan 18 (Reuters) - Canada's main stock index fell on Wednesday as energy stocks weighed with a fall in oil prices and as uranium producer Cameco Corp plunged on a negative outlook.

Cameco fell 16.9 percent to C$14.39 after the company said it expected its 2016 adjusted profit to be significantly lower than analysts' estimates and also said it would cut 120 jobs at three of its uranium mines in 2017.

"The drop today certainly looks like an over-exaggeration to their announcement," said Michael Sprung, president at Sprung Investment Management Inc.

"There's more longer-term uncertainties out there that are worrying investors," he added, referring to political events south of the border. "For the time being we're going to be in a volatile market."   Continued...