CANADA STOCKS-TSX ends down on energy stocks, earnings

Wed Jul 28, 2010 5:11pm EDT
 
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* TSX falls 0.17 percent to 11,696.63

* Energy, telecoms lead drop, 6 of 10 sectors fall (Updates to close with details and commentary)

By Cameron French

TORONTO, July 28 (Reuters) - Toronto's main stock index ended lower on Wednesday as investors took a cautious approach in the face of weak earnings reports, mixed commodity prices, and disappointing U.S. economic data.

Weaker oil prices pulled the index's heavily weighted energy sector down 1.29 percent, while telecom stocks fell 1.6 percent on the back of a 3.4 percent drop in the shares of wireless carrier Rogers Communications (RCIb.TO: Quote).

Rogers fell C$1.24 to C$35.59 one day after it reported stronger earnings, but stood pat on its outlook, suggesting a softer second half.

The decline was the second straight day of losses for the S&P/TSX composite index .GSPTSE and followed a 6 percent three-week surge that analysts said may have run its course.

"It certainly seems like the market's taking a breather," said Elvis Picardo, strategist at Global Securities in Vancouver.

An unexpected 1 percent decrease in U.S. durable goods orders and a retreat in the U.S. Conference Board's consumer confidence index put a damper on investor sentiment, but Picardo said the main focus was on corporate results.   Continued...