CANADA STOCKS-TSX retreats on anxiety about possible correction

Tue Jul 8, 2014 11:01am EDT
 
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* TSX down 128.15 points, or 0.84 percent, at 15,044.78
    * All of the 10 main index sectors decline
    * Intertape jumps after dividend increase

    By John Tilak
    TORONTO, July 8 (Reuters) - Canada's main stock index
declined on Tuesday, hit by weakness in every major sector as
investors grew nervous that the solid gains of recent months
could spur a market correction.
    Telecoms shares remained in selloff mode, a day after the
government announced a new spectrum auction that favors smaller
industry players, and were one of the biggest drags on the
market. 
    While the Toronto equity market eased for a second straight
session, its benchmark index is still up about 10 percent since
the start of the year.
    "Investors are fairly complacent," said Gavin Graham, chief
strategy officer at Integris Pension Management Corp. "If we get
anything at all that causes people to become a bit more nervous,
then that could be a nasty blow."
    "We haven't had a big correction in a while," he added.
"We're about due."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 128.15 points, or 0.84 percent, at 15,044.78.
All of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector, gave
back 0.6 percent. Royal Bank of Canada lost 0.5 percent
to C$77.17, and Bank of Nova Scotia fell 0.8 percent to
C$71.70.
    Shares of energy producers slipped 1 percent, with oil
prices trading lower. Suncor Energy Inc shed 0.8 percent
to C$45.09, and Canadian Natural Resources Ltd fell 0.8
percent to C$48.70.
    Shares of telecoms providers tumbled 1.5 percent, with Telus
Corp weakening 2.4 percent to C$39.36 and Rogers
Communications Inc declining 2 percent to C$41.50.
    In corporate news, Intertape Polymer Group Inc said
late on Monday it raised its dividend by 50 percent. The stock
shot up 9.6 percent, to C$13.40. 
    ($1=$1.07 Canadian)

 (Editing by Peter Galloway)