CANADA STOCKS-TSX falls as resource stocks pull back

Fri Mar 18, 2016 4:27pm EDT
 
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(Adds portfolio manager comment, details; updates prices)

* TSX ends down 124.23 points, or 0.91 percent, at 13,497.07

* Eight of the TSX's 10 main groups fall

By Alastair Sharp

TORONTO, March 18 (Reuters) - Canada's main stock index fell on Friday, erasing the week's gains with a pullback in energy and banking stocks as well as slips in telecom and consumer staples names offsetting modest gains for industrial and materials stocks.

The index lost 0.2 percent on the week, with the Friday funk undoing earlier gains helped by rallying oil and gold prices.

"It was a wonderful week, energy was strong, gold was strong, the Canadian dollar firmed and there was a much more buoyant mood. It's just inevitable profit-taking," said John Ing, president of Maison Placements Canada.

The Toronto Stock Exchange's S&P/TSX composite index ended down 124.23 points, or 0.91 percent, at 13,497.07.

Valeant Pharmaceuticals International Inc plunged 9.7 percent to C$34.93 as investors pulled out as it faced tough demands from creditors and a sharply lower revenue outlook.   Continued...