September 5, 2014 / 3:23 PM / 6 years ago

CANADA STOCKS-TSX dips as banks, oil and mining shares slide

By Leah Schnurr
    TORONTO, Sept 5 (Reuters) - Canada's main stock index edged
lower on Friday, following global equities markets lower as it
was weighed by declines in shares of financial, energy and
mining companies.
    A disappointing jobs report also offered no comfort to
investors after data showed the Canadian economy unexpectedly
shed 11,000 jobs last month.   
    Bank stocks were among the biggest weights on the Toronto
index, with Royal Bank of Canada, Toronto Dominion
 and Bank of Montreal all lower.
    Shares of Manulife Financial were down for a second
day in a row after the company earlier this week said it had
agreed to buy Standard Life's Canadian operations.
Manulife was down 0.5 percent at C$21.93 and has lost more than
2 percent since the deal was announced. 
    Still, the day's weakness was likely just a short-term pause
for Bay Street, said John Kinsey, portfolio manager at Caldwell
Securities Ltd in Toronto. The TSX is up about 14 percent for
the year and is not far from its record high.
    "I think we're still in an up trend, the markets have been
pretty strong all year," said Kinsey. "The Canadian market is a
little more vulnerable than the U.S. because of the large
commodity component in it." 
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 43.65 points, or 0.28 percent, at 15,533.14.
    Materials and energy shares lost 0.4
percent and 0.3 percent, respectively. 
    Goldcorp gave up 1.2 percent at C$27.88 the day after
its chief executive said gold production this year could end up
near the bottom end of its forecast range if it is unable to
restart output at one of its Mexican mines. 
    On the upside, shares of Bombardier gained 0.6
percent to C$3.67 after the train and plane maker said flight
testing for its CSeries will resume this month. 
    Air Canada rose 2.8 percent to C$9.08 after it said
its load factor rose in August. 

 (Additional reporting by Alastair Sharp Editing by W Simon)
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