(Adds portfolio manager quote, updates prices)
* TSX down 70.99 points, or 0.53 percent, at 13,411.63
* Eight of TSX’s 10 main groups lower
TORONTO, Nov 10 (Reuters) - Canada’s main stock index fell to a fresh five-week low on Tuesday, with broad-based losses paced by the materials group after weak Chinese inflation data added to concern about the outlook for global growth.
“It has a lot to do with the news out of China,” said Kevin Headland, director capital markets and strategy at Manulife Asset Management, adding that they expect that to be the story for some time yet as China transitions “towards domestic consumption.”
The Toronto Stock Exchange’s S&P/TSX composite index ended down 70.99 points, or 0.53 percent, at 13,411.63, having hit a fresh five-week low at 13,336.90.
Eight of the index’s 10 main groups finished lower.
The materials group tumbled 2.1 percent, including a greater than 3 percent loss for Potash Corp.
“The sector stance on a global growth scare is anti-cyclical, specifically anti-commodity,” said Paul Taylor, Chief Investment Officer, Fundamental Equities, BMO Asset Management Inc.
The energy group retreated 0.3 percent despite a bounce in crude oil.
A report by the U.S. IEA said oil was unlikely to return to $80 a barrel before the end of the decade, despite cuts in investment, as annual demand growth struggles to top 1 million barrels per day.
The financials group was nearly unchanged.
Bombardier Inc fell 3.3 percent after new Canadian Prime Minister Justin Trudeau said any federal aid to the struggling Quebec aircraft maker must be based on a strong business case.
In addition, a top executive at Brazil’s Embraer expressed concern about Quebec’s decision to pump $1 billion into Bombardier.
Quebec said on Oct. 29 it would invest in the company’s CSeries jets in return for a near 50 percent stake in the project.
Gaming company Amaya Inc plunged more than 32 percent after cutting its 2015 forecast due to the strong U.S. dollar, financial headwinds in Portugal and Greece, and postponed launch of its sportsbook.
Valeant Pharmaceuticals Inc fell 2.2 percent, although it pared some losses, after it said its dermatology business would be hurt in the short term as it moves rapidly to sever ties with a controversial specialty pharmacy.
Brookfield Asset Management rose 2.8 percent after its offer for Australian stevedoring and rail company Asciano Ltd was narrowly eclipsed by a rival offer from Qube Holdings Ltd.
U.S. crude prices settled at $44.21 a barrel, up 0.78 percent, while Brent crude added 0.4 percent to $47.37.
Gold futures were unchanged at $1,091.2 an ounce.
Copper prices declined 0.8 percent to $4,925.65 a tonne. (Reporting by Fergal Smith; Editing by Grant McCool and James Dalgleish)
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