(Adds details, updates prices)
* TSX down 26.64 points, or 0.17 percent, to 15,229.71
* Gold sub-index jumps, financials weigh
* Decliners outnumbered advancers by 1.40-to-1 ratio
TORONTO, Aug 9 (Reuters) - Canada’s main stock index slipped in morning trade on Wednesday, as losses among financial shares offset a rally in gold miners as investors sought safety in the precious metal amid rising geopolitical tensions.
A sub-index of global gold miners that is dominated by Canada-listed stocks jumped 2 percent as escalating tensions between the United States and North Korea pushed up gold prices and weighed on global stock markets.
Earnings hits and misses also had a strong influence on the Canadian market, with a string of companies swinging in both directions.
Supply chain software company Kinaxis Inc fell 12.9 percent to C$69.43 as several analysts cut their target prices and recommendations on the stock.
Semafo jumped 10.3 percent to C$2.99 after Credit Suisse raised its recommendation on the gold miner to “outperform” from “neutral” following its second-quarter results, and Finning International Inc rose 6.9 percent to C$27.63 after the heavy equipment company reported quarterly earnings that beat expectations and raised its dividend.
Gold royalty and streaming company Franco Nevada Corp jumped 4.6 percent to C$96.27 after reporting quarterly results late on Tuesday.
At 10:51 a.m. ET (1451 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 26.64 points, or 0.17 percent, to 15,229.71.
Decliners outnumbered advancers by a 1.40-to-1 ratio.
The heavyweight financials sector, which accounts for more than a third of the index’s weight, was down 0.25 percent as U.S. and Canadian bond yields fell.
U.S. President Donald Trump’s boasted about the strength of the country’s nuclear arsenal on Wednesday, after North Korea said it was “carefully examining” a plan to strike Guam, a U.S. territory in the Pacific that is home to a U.S. military base.
Valeant Pharmaceuticals International Inc lost 4.0 percent to C$18.96 after the company said its subsidiaries in Australia were the subject of a tax audit.
Canada-listed shares of Tahoe Resources Inc fell 1.8 percent to C$6.48 after the miner said it would stop paying dividends and suspended overall guidance amid uncertainty about its operations in Guatemala.
Stella-Jones Inc rose 7.2 percent to C$46 after the wood products producer reported better-than-expected quarterly earnings and revenue.
Canadian housing starts rose in July on growth in western British Columbia, even as groundbreaking on single-detached homes fell in Toronto where activity has cooled after the province introduced measures to rein in a frothy market. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli)
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