CANADA STOCKS-Gold mining shares decline, soft financials drag TSX lower

Wed Apr 22, 2015 5:08pm EDT
 
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(Adds stock moves and analyst's comment)

* TSX ends down 41.67 points, or 0.27 percent, at 15,304.77

* Six of the index's 10 main sectors decline

* Materials fall 2.1 percent, financials slip 0.3 percent

By Solarina Ho

TORONTO, April 22 (Reuters) - Canada's main stock index slipped on Wednesday, driven by steep declines among gold miners and a retreat among heavily-weighted banks.

Modest gains among energy names offset some of the losses despite volatile trade in crude oil.

Concern over the Greek debt crisis sparked general investor caution, and aspects of the Conservative federal government's budget seen as harmful to financial shares helped push the banks and insurers, which make up some 35 percent of the index's weight, down around 0.3 percent.

"We are seeing some weakness in the financials, most of that is due to some of the budget changes," said Youssef Zohny, a portfolio manager at StennerZohny Investment Partners of Richardson GMP Ltd, referring to provisions to close a tax loophole and strengthen consumer protections.   Continued...