CANADA STOCKS-TSX ekes out gain with rebound in financial stocks

Thu May 18, 2017 4:54pm EDT
 
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(Adds portfolio manager comment, details on Bombardier, NAFTA, updates prices to close)

* TSX ends up 3.52 points, or 0.02 percent, at 15,277.20

* Eight of the TSX's 10 main groups move higher

* Materials sector down 1.7 percent

By Alastair Sharp

TORONTO, May 18 (Reuters) - Canada's main stock index eked out a slight gain on Thursday, as financial stocks recovered somewhat after a two-day selloff, while gold miners weighed as bullion turned lower.

The Toronto Stock Exchange's S&P/TSX composite index touched a five-month low in morning trade but ended the day up 3.52 points, or 0.02 percent, at 15,277.20. Decliners outnumbers advancers by a 1.4-to-1 ratio overall.

The index had slumped on Wednesday as global markets worried that U.S. President Donald Trump's pro-business economic agenda could be slowed by political scandals.

"People are perhaps a little less risk-averse today," said Manash Goswami, a portfolio manager at First Asset Investment Management. "The selloff might have been overdone and people are reevaluating and looking to come back in a little bit."   Continued...