CANADA STOCKS-TSX ends down as financials, commodity stocks retreat

Fri Mar 17, 2017 5:11pm EDT
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends down 71.92 points, or 0.46 percent, at 15,490.49

* Seven of the TSX's 10 main groups fall

By Alastair Sharp

TORONTO, March 17 (Reuters) - Canada's benchmark stock index fell on Friday as financial stocks lost ground along with bond yields and as natural resource companies pulled back despite an uptick in commodity prices.

The heavyweight financials group lost 0.6 percent, with insurance company Manulife Financial Corp down 1.5 percent at C$24.13 and Brookfield Asset Management Inc off 0.8 percent at C$48.47.

The country's biggest banks fell between 0.4 and 1 percent.

The moves echoed similar slips on Wall Street as the effects of the U.S. Federal Reserve's less aggressive stance on future rate hikes from earlier in the week lingered.

"This week everything was waiting with bated breath for what the Fed was going to say," said Irwin Michael, portfolio manager at ABC Funds. "The question was what sort of commentary that'd give on the guidance, and they indicated it would be slow but steady."   Continued...