March 7, 2019 / 1:12 PM / 15 days ago

TSX falls as financial, material stocks drag

(Reuters) - Canada’s main stock index fell on Thursday, led by financial and material shares, as the European Central Bank’s latest monetary policy announcement kept investors on the sidelines.

FILE PHOTO: A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch

* The central bank’s move to delay its first post-crisis rate hike at least until 2020 and to offer banks a new round of cheap loans to help revive the euro zone economy, underlines how global trade war and other factors are taking a toll on European growth.

* Gold prices dropped as dollar gained versus euro after ECB’s rate decision, wiping out gains for bullion driven by the darkening global economic outlook.

* The materials group declined 0.83 percent and the interest-rate sensitive financial sector 0.7 percent.

* At 10:15 a.m. ET (15:15 GMT), MSCI’s index of world stocks was down 0.95 percent and the Toronto Stock Exchange’s S&P/TSX composite index 99.08 points, or 0.62 percent, at 15,992.99.

* Eight of the 11 major sectors were lower, led by a 1.89 percent decline in the consumer discretionary sector.

* Canadian dollar held near two-month lows on Thursday, a day after the Bank of Canada took a more dovish stance on the outlook for higher interest rates.

* Spin Master Corp fell 8.3 percent, the most on the TSX, after the toy maker reported fourth-quarter results, followed by a 3.5 percent drop in Peyto Exploration & Development Corp.

* The largest percentage gainer on the TSX was Element Fleet Management, which jumped 5.6 percent after reporting quarterly results.

* Nuvista Energy Ltd followed suit with a 2.3 percent gain.

* On the TSX, 91 issues were higher, while 142 declined for a 1.56-to-1 ratio to the downside, with 14.99 million shares traded.

* The most heavily traded shares by volume were medical marijuana companies Aurora Cannabis and Supreme Cannabis Co, as well as plane maker Bombardier Inc.

* The TSX posted 10 new 52-week highs and three new lows.

* Across all Canadian issues, there were 30 new 52-week highs and four new lows, with total volume of 25.81 million shares.

Reporting by Sruthi Shankar in Bengaluru; Editing by Shinjini Ganguli

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