August 19, 2013 / 2:55 PM / 6 years ago

CANADA STOCKS-Widespread losses hit TSX as Fed fears pick up steam

* TSX falls 64.57 points, or 0.51 percent, to 12,672.35
    * All of the 10 main index sectors decline
    * Canadian Natural has biggest negative influence on index

    By John Tilak
    TORONTO, Aug 19 (Reuters) - Canada's main stock index fell
on Monday, led lower by declines in financial and energy shares
as concerns about when the U.S. Federal Reserve will begin
exiting its stimulus program hurt sentiment.
    Every major sector of the benchmark Toronto index was in the
 red after the index gained the previous week, nearing a
three-month high.
    Rising expectations that the wind-down of the Fed's bond
buying program is imminent created more uncertainty in the
market, with investors hoping the release on Wednesday of
minutes from the Fed's last policy meeting would shed light on
the U.S. central bank's intentions. 
    "It looks like we're into shaky waters," said Victor
Kuntzevitsky, an associate at Northland Wealth Management.
    "I do expect more volatility," he added. "Because of the
overhang, investors are not sure where to put the money."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 64.57 points, or 0.51 percent, at 12,672.35.
    Financials, the index's most heavily weighted sector,
dropped 0.6 percent. Royal Bank of Canada, the country's
biggest lender, gave back 0.6 percent to C$63.97, and insurer
Manulife Financial Corp fell 1.6 percent to C$17.38.
    Shares of energy companies shed 0.6 percent. Canadian
Natural Resources Ltd fell 1.6 percent to C$31.01 and
had the biggest negative influence on the market.
    The materials sector, which includes mining stocks, stumbled
0.5 percent. Teck Resources Ltd declined 1.6 percent
to C$28.24.
    B2Gold Corp tumbled more than 8 percent to C$3.12.
The gold producer said it is offering $225 million of
convertible senior subordinated notes due 2018.
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