CANADA STOCKS-TSX falls as resource stocks weaken, telecoms drag on wireless bid

Thu Dec 17, 2015 6:12pm EST
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* TSX down 156.15 points, or 1.19 percent, to 13,009.93

* Seven of the TSX's 10 main groups fall

By Fergal Smith

TORONTO, Dec 17 (Reuters) - Canada's main stock index fell on Thursday as weaker commodity prices following Wednesday's U.S. Federal Reserve rate hike weighed on energy and mining stocks, while a wireless acquisition dragged telecom stocks lower.

Consideration that Fed members have pencilled in 100 basis points of hikes for next year caused a "backlash," according to Sadiq Adatia, chief investment officer at Sun Life Global Investments.

The market rallied on Wednesday after the Fed raised interest rates for the first time in more than nine years, removing uncertainty as to when the first hike was going to happen.

The materials group fell 3.7 percent as Fed tightening weighed on metal prices.

Barrick Gold Corp fell nearly 8 percent to C$9.69, while Goldcorp Inc was down 6.6 percent at C$15.26.   Continued...