Toronto stocks slip on disappointing results

Tue Apr 22, 2008 10:02am EDT
 
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TORONTO, April 22 (Reuters) - Toronto's main stock market index fell on Tuesday as disappointing results from a string of Canadian blue chip companies offset firm commodity prices.

Investors digested the latest monetary policy decision by the Bank of Canada, which cut interest rates by 50 basis points to 3 percent earlier on Tuesday.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 53.58 points, or 0.4 percent, at 14,267.58.

Six of the TSX index's 10 main groups were lower, led by a 1 percent drop each in industrial shares and financial shares. Among the advancing groups were materials issues, up 0.2 percent, and telecom shares, which added 0.5 percent.

The country's top railway companies led the decliners after they both reported disappointing results. Canadian National Railway (CNR.TO: Quote) was down C$1.66 at C$50.64, while rival Canadian Pacific (CP.TO: Quote) was off C$2.53 at C$60.72.

Canada's top banks declined in sympathy after U.S. brokerages lowered profit projections for Bank of America Corp (BAC.N: Quote).

Bank of Montreal (BMO.TO: Quote) was off 31 Canadian cents at C$48.21 and Canadian Imperial Bank of Commerce (CM.TO: Quote) was down 42 Canadian cents at C$69.32.

But firm commodity prices helped boost resources shares, with fertilizer producers leading the way. Agrium Inc (AGU.TO: Quote) added C$1.50 to C$94.20 and Potash Corp (POT.TO: Quote), the index's biggest stock, was up C$1.30 at C$212.40. ($1=$1.01 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)