CANADA STOCKS-Energy stocks, Bombardier drag TSX to 5-week low
* TSX down 97.52 points, or 0.77 percent, at 12,616.53 * Nine of 10 main sectors decline * Bombardier shares lose 6 percent after results By John Tilak TORONTO, Feb 21 (Reuters) - Canada's main stock index stumbled to a five-week low on Thursday, led by energy and financial stocks, as a bigger-than-expected rise in U.S. weekly jobless claims and surprisingly weak euro zone economic data weighed on the market. Bombardier Inc was also a major drag on the market. Its shares fell about 6 percent after the plane maker reported a sharp drop in quarterly profit. Concerns that the U.S. Federal Reserve might end its stimulus program sooner than expected further added to the gloom. "People are a little nervous. There is a bit of pessimism," said Irwin Michael, portfolio manager at ABC Funds. "The market has had a nice run. We think it's maybe a correction," he added. Strategists have said the Canadian stock market could be set for a near-term pullback after a rally that took it to 18-month highs, with resource shares especially vulnerable. The Toronto Stock Exchange's S&P/TSX composite index was down 97.52 points, or 0.77 percent, at 12,616.53, after reaching 12,602.54, its lowest point since Jan. 16. Nine of the 10 main sectors on the index were in the red. Energy shares slipped 1.8 percent, with oil prices falling to a three-week low on the macroeconomic concerns. Suncor Energy Inc, Canada's largest energy company, fell 2.1 percent to C$31.34, and Canadian Natural Resources Ltd lost 2.1 percent to C$29.93. Financials, the index's weightiest sector, were down 0.9 percent. Royal Bank of Canada gave back 1 percent to C$63.82 and played a major role in pulling the market lower. Bombardier shares slumped to C$4.02 and were a drag on the industrials group, which slipped 1.4 percent. The materials sector, which includes mining stocks, gained 0.4 percent after gold and silver prices rebounded slightly after being hammered on Wednesday because of the Fed stimulus comments.
© Thomson Reuters 2017 All rights reserved.