CANADA STOCKS-TSX dips as lower gold prices pressure mining shares

Thu Oct 6, 2016 4:55pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds investment strategist quotes and updates prices)

* TSX closes down 15.08 points, or 0.1 percent, at 14,595.50

* Four of the index's 10 main groups end lower

By Fergal Smith

TORONTO, Oct 6 (Reuters) - Canada's main stock index edged lower on Thursday as gold miners' shares fell with the precious metal on increased expectations that U.S. interest rates will rise this year.

The materials group, which includes precious and base metal miners and fertilizer companies, lost 1.5 percent, while a global gold index heavily populated by Canadian miners dropped 2.5 percent.

Both measures had risen steadily this year until August and have faltered since.

Barrick Gold Corp fell 2.3 percent to C$20.59 and Detour Gold Corp lost 3.4 percent to C$22.87.

"Gold has had a very, very strong run and gold stocks more so, contributing a lot to the performance of the TSX year-to-date. So when you get a move like this ... it is going to have some impact," said Philip Petursson, chief investment strategist at Manulife Investments.   Continued...