CANADA STOCKS-TSX slips after telecom, resource shares weaken
* TSX down 75.38 points, or 0.50 percent, at 15,139.58 * Nine of 10 main index sectors fall * Telus, Rogers among top decliners By John Tilak TORONTO, July 7 (Reuters) - Canada's main stock index fell on Monday, hurt by a decline in shares of telecoms providers following news of a new spectrum auction and sluggishness in the natural resource sectors after commodity prices weakened. The Canadian government said it will auction more prime wireless spectrum early next year, with more than half the airwaves set aside for newer players that have struggled to win business from the country's three dominant telecom companies. Speculation about an earlier-than-expected rise in U.S. interest rates also weighed on investor sentiment. A gain in the U.S. dollar was a drag on the bullion price and gold-mining shares, while the easing of supply worries in Iraq helped push down the price of oil. Despite Monday's decline, the Toronto market is up about 11 percent this year after climbing steadily in the past few months. "This market is vulnerable just on the basis that it has had too long a run without some sort of a shakeout," said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "The market is fully priced at these levels but not significantly overpriced," he added. "I'm more inclined to be selling than buying." The Toronto Stock Exchange's S&P/TSX composite index was down 75.38 points, or 0.50 percent, at 15,139.58. Nine of the 10 main sectors on the index were in the red. Shares of energy producers gave back 0.6 percent, with Encana Corp shedding 2.1 percent to C$23.89 and Talisman Energy Inc losing 0.5 percent to C$11.02. The gold-mining sector was down 0.5 percent, reflecting weakness in the price of the commodity. Goldcorp Inc slipped 0.5 percent to C$29.19. Telecoms shares declined 0.8 percent after the spectrum auction news. Telus Corp dropped 1.4 percent to C$39.36, and Rogers Communications Inc was down 1.3 percent to C$42.45. (Editing by James Dalgleish)
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