CANADA STOCKS-TSX pulls back from record high as winning streak ends

Fri Feb 17, 2017 5:54pm EST
 
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(Adds portfolio manager quotes, background details; updates prices)

* TSX ends down 25.54 points, or 0.16 percent, at 15,838.63

* Just four of the TSX's 10 main groups end lower

By Fergal Smith

TORONTO, Feb 17 (Reuters) - Canada's benchmark stock index ended its winning streak on Friday, pulling back from the previous day's record high, pressured by losses for the materials group as prices of base and precious metals fell.

The Toronto Stock Exchange's S&P/TSX composite index closed down 25.54 points, or 0.16 percent, at 15,838.63. It was the first daily decline since Feb. 6, but the index still ended up 0.7 percent for the week.

"This is perfectly healthy," said Harrison Newlands, research associate at MacNicol & Associates Asset Management Inc.

He sees the pullback as part of a broader market rally, but said the energy sector needs to participate in further gains for the index to relieve some of the burden from the heavyweight financials group.

Energy has fallen more than 6 percent year-to-date, while financials have climbed more than 6 percent and materials nearly 14 percent.   Continued...