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CANADA STOCKS-TSX slips as gold miners weigh, energy stocks gain
July 4, 2017 / 2:48 PM / 4 months ago

CANADA STOCKS-TSX slips as gold miners weigh, energy stocks gain

(Adds details on specific stocks, updates prices)

* TSX down 57.5 points, or 0.38 percent, at 15,124.69

* Nine of the TSX’s 10 main groups move lower

TORONTO, July 4 (Reuters) - Canada’s main stock index fell on Tuesday as precious metal miners led a retreat that was limited by gains for shares of some energy names.

The most influential movers on the index included major gold miners Barrick Gold Corp, which fell 1.8 percent to C$20.25, and Goldcorp, which lost 2.2 percent to C$16.36.

The slips among bullion producers came despite the precious metal getting a bump from safe-haven buying after a North Korean missile launch.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.1 percent, with First Majestic Silver Corp down 5.2 percent to C$10.20.

Two major fertilizer producers gained, with Potash Corp of Saskatchewan up 1.3 percent at C$21.42 and Agrium Inc adding 1.3 percent to C$119.

At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 57.5 points, or 0.38 percent, at 15,124.69.

Nine of the index’s 10 main groups were in negative territory, with declining issues outnumbering advancers at a 2.20-to-1 ratio.

The Canadian market was closed for a public holiday on Monday, while U.S. indices are closed Tuesday.

The energy group climbed 0.4 percent, as crude prices inched higher to add to eight days of gains.

Pipeline operator Enbridge Inc rose 0.7 percent to C$52.04 and Cenovus Energy Inc added 1.2 percent to C$9.67.

The financials group slipped 0.1 percent, as Brookfield Asset Management lost 1.2 percent to C$50.27. The company on Monday placed a formal bid for control of a Brazilian renewable energy company, two people with knowledge of the situation said.

Some of the country’s biggest banks notched small gains, with Canadian Imperial Bank of Commerce up 0.4 percent to C$105.78 and Bank of Montreal adding 0.2 percent to C$95.41.

They have risen recently as the Bank of Canada has taken a more hawkish stance and investors have bet on rate hikes coming sooner than previously anticipated.

In an interview with a German newspaper published on Tuesday, the central bank’s governor, Stephen Poloz, said inflation in Canada should be well into an uptrend by the first half of 2018 and policy normalization must begin before price growth hits its target.

Canadian National Railway Co fell 0.4 percent to C$104.81 after one of its trains derailed and spilled about 20,000 gallons of crude oil in Illinois. (Reporting by Alastair Sharp; Editing by Chris Reese)

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