TORONTO (Reuters) - Canada’s main stock index slipped on Friday in a broad retreat led by utilities and resource stocks, although the index still managed a 1.1 percent gain in a week dominated by the ongoing Greek debt drama.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE lost 89.41 points, or 0.60 percent, to 14,854.21, adding to Thursday’s decline after a three-day bounce.
The overarching investor focus all week was strained efforts between Greece and its creditors to avoid a debt default.
“A lot of the bullishness in the early part of the week was on hearing there could be an agreement, then towards the end of the week we heard it wasn’t, there were going to be more prolonged meetings,” said Manash Goswami, a portfolio manager at First Asset Investment Management.
The losses on Friday were broad, with all ten of the TSX’s main sectors in retreat, though losses in telecoms and financials were muted.
Utilities lost 2.1 percent, and the healthcare, materials and energy groups all shed at least 1 percent.
“It’s hard to get excited on energy for the balance of the year,” Goswami said.
Potash Corp POT.TO declined 1.8 percent to C$38.61 after a late Thursday takeover approach for German potash miner K+S which sources say is worth close to 8 billion euros.
Declining issues outnumbered advancers by 179 to 67, for a 2.67-to-1 ratio on the downside.
Reporting by Solarina Ho; editing by Chizu Nomiyama and Andrew Hay