CANADA STOCKS-TSX drops as Fed anxiety bites
* TSX falls 63.12 points, or 0.50 percent, to 12,606.97 * All 10 of the main index sectors decline * Gold-mining stocks lose 2 percent as bullion eases * Sears Canada down after reporting drop in revenue By John Tilak TORONTO, Aug 21 (Reuters) - Canada's main stock index dropped on Wednesday as investors braced for a U.S. Federal Reserve report that the market will parse for clues on when the central bank might start unwinding its stimulus measures. Gold-mining shares fell with bullion prices and showed the sharpest decline on the resource-heavy index. Every major sector on the index was trading in the red. The market brushed aside figures showing U.S. home resales climbed in July to their highest level in over three years , with focus squarely on the release at 2 p.m. EDT (1800 GMT) of the minutes of the Fed's last policy meeting. Investors will look for details about the timing and pace of any Fed pullback from its stimulus program. "The mood is cautious," said Fred Ketchen, director of equity trading at ScotiaMcLeod. "People are looking for reasons as to why they need to put their investable funds to work, but there's nothing definitive." The Toronto Stock Exchange's S&P/TSX composite index was down 63.12 points, or 0.50 percent, at 12,606.97. Financials, the index's most heavily weighted sector, slipped 0.2 percent. Royal Bank of Canada, the country's biggest lender, gave back 0.3 percent to C$64.50; Bank of Nova Scotia was down 0.3 percent at C$58.20. The materials sector, which includes mining stocks, lost 1.5 percent, with gold producers falling almost 2 percent. Goldcorp Inc fell 2 percent to C$32.24, and Barrick Gold Corp stumbled 1.6 percent to C$20.27. In company news, Sears Canada Inc reported a decline in quarterly revenue and said it plans to cut 245 jobs. The stock fell 0.7 percent to C$12.19.
© Thomson Reuters 2017 All rights reserved.