CANADA STOCKS-TSX drops as investors eye Yellen comments

Tue Jul 15, 2014 11:00am EDT
 
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* TSX down 44.98 points, or 0.30 percent, at 15,126.25
    * Six of the 10 main index sectors decline
    * Oil-price fall weighs on energy shares

    By John Tilak
    TORONTO, July 15 (Reuters) - Canada's main stock index fell
on Tuesday as lower oil prices pulled down energy shares and
with the market wary as it monitored congressional testimony by
U.S. Federal Reserve Chair Janet Yellen.
    Yellen told a Senate committee that the U.S. economic
recovery remains incomplete, with a still-ailing job market and
stagnant wages justifying loose monetary policy for the
foreseeable future. 
    "We're very cautious," said John Ing, president of Maison
Placements Canada. "The market is very expensive and has priced
in a lot of expectations."
    He said that he does not expect any changes in Fed policy at
this point.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 44.98 points, or 0.30 percent, at 15,126.25.
Six of the 10 main sectors on the index were lower. 
    The TSX has been one of the strongest performers among
global stock market indexes this year, rising about 11 percent.
    The gold-mining sector rebounded 0.6 percent, following a
selloff in the previous session, as the price of bullion
climbed. Barrick Gold Corp gained 1 percent to C$20.45,
and Goldcorp Inc rose 0.6 percent to C$29.94.
    Financials, the index's most heavily weighted sector,
advanced 0.3 percent. Royal Bank of Canada climbed 0.5
percent to $79.18, and Bank of Nova Scotia added 0.4
percent to C$72.78. 
    Shares of energy producers were hit by a decline in the
price of oil. Canadian Natural Resources Ltd gave back
2.5 percent to C$47.31, and Suncor Energy Inc lost 1.8
percent to C$44.17.
    ($1=$1.08 Canadian)

 (Editing by Peter Galloway)