CANADA STOCKS-TSX slips, weighed by telecom stocks; miners gain with gold

Fri Oct 7, 2016 11:33am EDT
 
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* TSX slips 33.14 points, or 0.23 percent, to 14,562.36

* Nine of TSX's 10 main groups retreat, materials gain

TORONTO Oct 7 (Reuters) - Canada's main stock index fell on Friday in a broad-based but muted retreat, weighed by telecom companies after an unfavorable regulatory ruling.

At 11:12 a.m. EDT (1512 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 33.14 points, or 0.23 percent, to 14,562.36. It is on track for a 1.1 percent fall for the week.

The materials sector, which includes precious and base metals miners and fertilizer companies, was the only one of 10 main groups to move higher, helped by gold rising off a four-month low after U.S. payrolls data missed expectations.

Barrick Gold Corp gained 0.6 percent to C$20.72 and Goldcorp Inc added 0.9 percent to C$18.81.

Telecoms fell 1.4 percent, after a regulator said major internet service providers must lower the wholesale rates they charge smaller rivals for access to their networks.

Rogers Communications Inc lost 2 percent to C$54.14, Telus Corp fell 1.5 percent to C$42.24, and BCE Inc declined 1.0 percent to C$59.39.

Canada added far more jobs than expected in September, mainly due to the biggest increase in self-employed workers in more than seven years, Statistics Canada data showed.

The Bank of Canada said that Canadian companies' hiring and investment intentions improved modestly in the third quarter, while resource firms believe the sector may be bottoming out after prolonged weakness.

Meanwhile, U.S. employment growth unexpectedly slowed for the third straight month in September and the jobless rate rose, which could make the Federal Reserve more cautious about raising interest rates. (Reporting by Alastair Sharp; Editing by Bernadette Baum)