CANADA STOCKS-TSX extends decline as resources fall, Canadian Tire profit misses

Thu Aug 13, 2015 11:38am EDT
 
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(Updates throughout with market action, analyst comment, details)

* TSX down 34.8 points, or 0.24 percent, to 14,304.73

* Four of the TSX's 10 main groups fall

By Solarina Ho

TORONTO, Aug 13 (Reuters) - Canada's main stock index fell for a third straight session on Thursday as weaker commodity prices squeezed energy and mining shares but the drop was cushioned by a Chinese central bank assurance that there was no reason for the yuan to fall further.

This week's devaluation of the Chinese currency had pulled down commodity prices on concern that China would not be able to import as much.

Putting more pressure on the market was retailer Canadian Tire Corp, the only one of the index's 30 biggest decliners that was not a financial, mining or oil and gas stock. Canadian Tire tumbled 5.0 percent to C$124 after it reported a lower-than-expected quarterly profit on slower sales growth.

"If we had to make a guesstimate, we're still in a narrow range going forward," said Sid Mokhtari, market technician and director, institutional equity research, CIBC World Markets.

"It's probably going to be challenging over the next few months. We're watching volatility very carefully."   Continued...