* TSX down 45.72 points, or 0.3 percent, at 15,338.08
* Nine of the TSX’s 10 main groups move lower
Canada’s main stock index fell
on Tuesday as heavyweight banking, energy and mining stocks
weighed, while Shaw Communications Inc jumped after
announcing deals to sell its data center business and buy
Shaw was the most influential gainer on the index, up 2.5
percent to C$29.26 after the news.
Sears Canada Inc meanwhile sank 30 percent to 80
Canadian cents after the retailer flagged doubts about its
ability to continue as a going concern and said it was exploring
strategic options, including a sale of the company.
The index’s heavyweight financial and natural resource
sectors weighed, with the energy group down 0.5 percent as oil
prices slipped after OPEC reported an increase in
its production for May.
The financials group slipped 0.4 percent, with alternative
lender Home Capital Group Inc down 7.5 percent to
C$11.25, while the materials group, which includes precious and
base metals miners and fertilizer companies, lost 0.6 percent.
First Quantum Minerals Ltd fell 4 percent to
C$11.44, as copper prices eased from a near two-month
At 10:43 a.m. ET (1443 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index was down 45.72 points, or 0.3
percent, to 15,338.08.
Nine of the index’s 10 main groups were in negative
territory, with decliners outnumbering advancers by a 1.4-to-1
Interest rate cuts instituted in 2015 have largely done
their job as the Canadian economy gathers momentum, the Bank of
Canada’s head said on Tuesday, the second top official in as
many days to set the stage for eventual rate hikes.
(Reporting by Alastair Sharp; Editing by James Dalgleish)