CANADA STOCKS-TSX slips, pressured by losses for telecoms and energy

Fri Oct 7, 2016 5:32pm EDT
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(Adds portfolio manager quotes and details on prime minister's comments, updates prices)

* TSX closes down 29.24 points, or 0.2 percent, at 14,566.26

* Index falls 1.1 percent for the week

* Nine of TSX's 10 main groups retreat, materials gain

By Fergal Smith

TORONTO, Oct 7 (Reuters) - Canada's main stock index fell on Friday as lower oil prices weighed on energy stocks and an unfavorable regulatory ruling pressured the shares of telecom companies.

For the week, the index fell 1.1 percent. Still, it has rallied more than 26 percent since hitting a 3-year low in January.

"Markets are definitely taking a breather," with investors mindful of a Canadian market holiday on Monday for Thanksgiving Day and the upcoming third-quarter earnings season, said Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP.

"I think there is maybe some nervousness going into earnings season given the last few quarters in the United States were a little underwhelming," said Zohny.   Continued...