CANADA STOCKS-TSX stumbles as Fed pullback looms
* TSX falls 53.20 points, or 0.42 percent, to 12,585.90 * Nine of the 10 main index sectors decline * TD Bank has biggest negative influence on index * Telecoms providers gain on report of Verizon delay By John Tilak TORONTO, Aug 15 (Reuters) - Canada's main stock index dropped on Thursday, with declines in almost every major sector, as concern resurfaced that the U.S. Federal Reserve might be about to reduce its massive bond-buying stimulus program. The weakness was limited by gains in the telecommunications sector after a report that U.S. giant Verizon Communications Inc might delay its entry to Canada. The report lifted Canada's dominant wireless players: Rogers Communications Inc , Telus Corp and BCE Inc. Investors interpreted positive U.S. economic data on Thursday as a sign that the wind-down of the Fed stimulus program might be drawing near. Figures showed that the number of Americans filing new claims for jobless benefits fell to a near six-year low last week and consumer prices rose broadly in July. "The numbers that came in today hurt the market," said John Ing, president of Maison Placements Canada. "It's not a question of if but when," he said of the timing of a Fed pullback. "There's no consensus other than the fact that it's going to happen." The Toronto Stock Exchange's S&P/TSX composite index was down 53.20 points, or 0.42 percent, at 12,585.90. Nine of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, gave back 0.8 percent. Toronto-Dominion Bank lost more than 1 percent to C$86.34 and had the biggest negative influence on the index. Royal Bank of Canada fell 0.6 percent to C$63.58. The industrials group slid 1.1 percent, with Canadian National Railway Co down almost 1 percent at C$100.24. Energy producers were down 0.2 percent, with advances in oil prices and in the shares of Suncor Energy Inc limiting the weakness. Suncor, whose shares rose 1.5 percent to C$34.28, benefited from a regulatory disclosure showing Berkshire Hathaway Inc had taken a new stake in Canada's biggest energy company. Telecoms stocks, the only major sector in positive territory, jumped 3.4 percent. Telus gained 5.4 percent to C$32.40, Rogers was up 4.9 percent at C$42.40, and BCE climbed to 1.9 percent to C$42.56.
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