February 25, 2014 / 4:09 PM / 6 years ago

CANADA STOCKS-TSX slips as energy shares drop with oil; banks gain

* TSX falls 23.92 points, or 0.17 percent, to 14,203.16
    * Five of 10 main index sectors decline
    * BMO climbs after quarterly report
    * BlackBerry jumps after it unveils new models

    By John Tilak
    TORONTO, Feb 25 (Reuters) - Canada's main stock index
slipped on Tuesday after a selloff in the oil price caused
shares of energy producers to decline, offsetting gains in Bank
of Montreal and BlackBerry.
    BMO's quarterly profit rose 2 percent, topping estimates, as
strength in its Canadian branch-banking business and lower loan
loss provisions offset a weak performance at its U.S. operation.
    BlackBerry shares jumped nearly 8 percent after the
smartphone maker unveiled a cheaper touchscreen smartphone and a
"classic" model with a keyboard. 
    Despite Tuesday's decline, the Toronto market is up about
4.3 percent this year on the back of a recent string of gains.
    "The market needs a little rest. We've had a record run,"
said David Cockfield, managing director and portfolio manager at
Northland Wealth Management.
    "A little backing and filling is probably justified," he
added. "But I don't think we're into a major selloff here."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 23.92 points, or 0.17 percent, at 14,203.16.
The Canadian benchmark index has done better than the S&P 500
, its U.S. counterpart, so far in 2014.
    Cockfield expects the TSX to rise about 9-10 percent this
year: "I still think we will continue to outperform the U.S.
market as the year progresses, simply because our P/E multiples
are lower."
    Five of the 10 main sectors on the index were in the red on
    Energy shares declined 0.8 percent. Canadian Natural
Resources Ltd shed 1.3 percent to C$40.51, and Encana
Corp fell 1.9 percent to C$21.07.
    The materials sector, which includes mining stocks, slipped
0.4 percent, with Teck Resources Ltd losing 2 percent
to C$24.49. 
    Financials, the index's most heavily weighted sector,
climbed 0.2 percent. Royal Bank of Canada added 0.5
percent to C$72.82, and BMO advanced 0.8 percent to C$73.15.
    National Bank of Canada also gained, to C$43.91,
after the country's sixth-largest lender reported late on Monday
a 9 percent rise in first-quarter profit, driven by stronger
wealth management and financial markets income.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below