CANADA STOCKS-TSX slips with financials, miners; Shaw shines

Tue Jun 13, 2017 5:24pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds trader and portfolio manager comments, updates prices)

* TSX ends down 4.05 points, or 0.03 percent, at 15,379.75

* Shaw jumps 3.1 pct after data center sale, airwave buy

By Alastair Sharp

TORONTO, June 13 (Reuters) - Canada's main stock index inched lower on Tuesday, weighed by slips among heavyweight financial stocks and losses for some base metal miners, while Shaw Communications Inc gained after deals to sell its data center business and buy wireless airwaves.

Shaw was the most influential gainer on the index, ending up 3.1 percent at C$29.42 after saying it would sell its ViaWest subsidiary for $1.675 billion, while the majority-owner of the company that sold Shaw the spectrum, Quebecor Inc, also gained 3.1 percent, to C$41.86.

The telecom group lost 0.5 percent, with BCE Inc down 0.7 percent at C$59.45, after the departing head of the country's telecom and broadcast regulator said his as-yet unnamed replacement may have to intervene in wireless markets to stoke competition.

The financials group slipped 0.2 percent, with Royal Bank of Canada down 0.4 percent to C$93.89 and Canadian Imperial Bank of Commerce off 0.6 percent at C$106.16.

"They (Canadian banks) had a pretty good run late last week, with a flight to quality it seems a lot of the fast money came out of tech and got parked in the banks temporarily," said Bruce Latimer, a trader at Eight Capital.   Continued...