CANADA STOCKS-TSX extends pull back from record high to hit a 10-day low

Thu Feb 23, 2017 5:14pm EST
 
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(Adds portfolio manager quotes, details; updates prices)

* TSX closes down 49.02 points, or 0.31 percent, at 15,781.20

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

By Fergal Smith

TORONTO, Feb 23 (Reuters) - Canada's main stock index fell to a 10-day low on Thursday as financial and industrial shares pared recent gains, while the materials group lost ground as base metal prices slumped.

The Toronto Stock Exchange's S&P/TSX composite index closed down 49.02 points, or 0.31 percent, at 15,781.20, its lowest close since Feb. 13.

Still, it has rallied 3.2 percent this year after climbing 17.5 percent in 2016 and on Tuesday reached an all-time high at 15,943.09.

"The market still has a good tone but sometimes the market will 'back and fill'," said Irwin Michael, portfolio manager at ABC Funds.

"A lot of these stocks have run up tremendously over the last few months."   Continued...