CANADA STOCKS-TSX falls as resource and financial stocks lose ground

Wed May 4, 2016 5:23pm EDT
 
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(New throughout, updates prices and market activity, adds comment from portfolio manager, details on index and stocks)

* TSX closed down 75.68 points, or 0.55 percent, at 13,632.00

* Five of the TSX's 10 main groups ended lower

By Fergal Smith

TORONTO, May 4 (Reuters) - Canada's main stock index fell to a two-week low on Wednesday as resource and financial stocks lost ground, while domestic trade data disappointed and a wildfire led to production cuts in the country's oil sands region.

The index weakened for a third straight day, extending a pullback from Friday's six-month high of 13,972.62.

"We have relatively stretched valuations and I think just a lot of (investor) repositioning from the upswing we've had on the commodity side," said Ben Jang, a portfolio manager Nicola Wealth Management.

The Toronto Stock Exchange's S&P/TSX composite index closed down 75.68 points, or 0.55 percent, at 13,632.00. Five of the index's 10 main groups ended lower.

Still, the index has rebounded 18 percent from a nearly 3-1/2-year low in January, helped by a rebound in commodity prices.   Continued...