CANADA STOCKS-TSX hits a 1-week low as financials retreat; losses mostly pared

Thu May 19, 2016 5:29pm EDT
 
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(Adds portfolio manager quotes, details throughout on stocks and sectors, updates prices)

* TSX closed down 8.69 points, or 0.06 percent, at 13,817.32

* Six of the TSX's 10 main groups ended lower

By Fergal Smith

TORONTO, May 19 (Reuters) - Canada's main stock index pared losses after hitting a one-week low earlier on Thursday as the materials group rose more than two percent, offsetting declines in the financial and industrial stocks.

Worries that the U.S. Federal Reserve might raise interest rates as early as June weighed on stock markets globally.

"The market seems to be still digesting the minutes from the Fed," said Ben Jang, portfolio manager at Nicola Wealth Management, adding the sell-off has been "pretty orderly."

The financials group fell 0.5 percent as some recent gains were pared, while industrial stocks fell 0.8 percent as railway stocks retreated.

Royal Bank of Canada fell 0.8 percent to C$77.57 and Manulife Financial Corp declined 1.6 percent to C$18.40, while Canadian National Railway Co was down 1.9 percent at C$75.38.   Continued...