TORONTO (Reuters) - Canada’s main stock index fell on Tuesday after four days of gains, as slumping oil prices pulled down energy companies and global jitters weighed while prompting some gains for yield-paying telecom stocks and gold miners.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended down 39.30 points, or 0.28 percent, at 14,219.57. There were three decliners for every two advancers.
The heavyweight energy group retreated 1.6 percent, as renewed worries that Britain’s exit from the European Union would slow the global economy pushed oil sharply lower. [O/R]
“It just ran up so quickly,” Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier, said of recent gains for Canadian resource stocks. “I don’t think it’s anything serious, nor do I think it’s a change in direction.”
“In general, Canada looks attractive,” he added.
Telecom companies gained 1.2 percent overall, with the country’s three largest operators among the most influential gainers as investors sought out relatively stable stocks offering decent dividend yields.
The materials group, which includes precious and base metals miners and fertilizer companies, gained 0.3 percent.
Kinross Gold Corp (K.TO) jumped 5.9 percent to C$7.35 and Franco Nevada Corp (FNV.TO) gained 2.4 percent to C$101.71, as bullion pushed higher for a fifth straight session, hitting a fresh two-year high. [GOL/]
Barrick Gold Corp (ABX.TO), the world’s largest gold producer, rose 1.5 percent to C$29.12.
Reporting by Alastair Sharp, editing by G Crosse