CANADA STOCKS-TSX falls as telecoms drag after Shaw's Wind Mobile bid

Thu Dec 17, 2015 10:30am EST
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(Updates prices)

* TSX down 73.89 points, or 0.56 percent, to 13,092.19

* Half of the TSX's 10 main groups fall

TORONTO, Dec 17 (Reuters) - Canada's main stock index slipped on Thursday as telecom stocks weighed after Shaw Communications Inc said it planned to jump into wireless with a C$1.6 billion bid for recent entrant Wind Mobile.

Shaw fell 8.3 percent to C$24.74 as investors fretted about how it would finance the deal, while its main rival in Western Canada, Telus Corp, lost 7 percent to C$37.79 on an expectation of intensified wireless competition.

Telecom companies with national wireless networks and landline assets focused more in the east of the country also slipped but less drastically, with Rogers Communications Inc off 3.7 percent at C$48.40 and BCE Inc down 1.9 percent to C$53.81.

At 10:21 a.m. EST (1521 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 73.89 points, or 0.56 percent, to 13,092.19.

The materials group also weighed, down 2.4 percent as prices for gold and a string of base metals fell on a stronger U.S. dollar after the U.S. Federal Reserve hiked rates for the first time in almost a decade.

Barrick Gold Corp fell 5.2 percent to C$9.98, and Goldcorp declined 4.8 percent to C$15.56, while diversified miner Teck Resources Ltd lost 3.9 percent to C$4.46.   Continued...