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4 months ago
CANADA STOCKS-TSX slips as Home Capital slumps; energy stocks gain
April 26, 2017 / 2:59 PM / 4 months ago

CANADA STOCKS-TSX slips as Home Capital slumps; energy stocks gain

(Adds details on specific stocks, updates prices)

* TSX down 9.51 points, or 0.06 percent, at 15,735.68

* Six of the TSX's 10 main groups move higher

TORONTO, April 26 (Reuters) - Canada's main stock index slipped on Wednesday, weighed by a plunge in shares of Home Capital Group Inc after the mortgage lender agreed to a major credit line, while energy stocks moved higher as oil prices reversed losses.

Home Capital fell 58.7 percent to C$7.06 after the alternative lender said it would secure a C$2 billion ($1.5 billion) credit line to shore up its shrinking balance sheet.

Other influential decliners included Burger King and Tim Horton parent Restaurant Brands International, which fell 4.5 percent to C$75.82 despite reporting profit and revenue that beat expectations.

The energy group climbed 0.6 percent, as U.S. oil prices pushed higher following a bigger-than-expected drawn on the country's crude inventories.

At 10:45 a.m. ET (1445 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 9.51 points, or 0.06 percent, at 15,735.68. Six of its 10 main groups were in positive territory.

Teck Resources Ltd advanced 3 percent to C$29.71 after it said it will double its dividend payout.

Industrials rose 0.2 percent, led by the country's two main railway companies after recent solid results. Canadian National Railway Co added 0.8 percent to C$99.90 while rival Canadian Pacific railway Ltd added 1.0 percent to C$212.08.

Canadian retail sales fell more than expected in February, dragged down by lower vehicle purchases and cheaper prices for gasoline at the pump, but the decline did not alter expectations for strong economic growth in the first quarter.

Reporting by Alastair Sharp; Editing by Nick Zieminski

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