CANADA STOCKS-TSX slips with financials, miners; Shaw shines

(Adds trader and portfolio manager comments, updates prices)

* TSX ends down 4.05 points, or 0.03 percent, at 15,379.75

* Shaw jumps 3.1 pct after data center sale, airwave buy

By Alastair Sharp

TORONTO, June 13 Canada’s main stock index
inched lower on Tuesday, weighed by slips among heavyweight
financial stocks and losses for some base metal miners, while
Shaw Communications Inc gained after deals to sell its
data center business and buy wireless airwaves.

Shaw was the most influential gainer on the index, ending up
3.1 percent at C$29.42 after saying it would sell its ViaWest
subsidiary for $1.675 billion, while the majority-owner of the
company that sold Shaw the spectrum, Quebecor Inc,
also gained 3.1 percent, to C$41.86.

The telecom group lost 0.5 percent, with BCE Inc
down 0.7 percent at C$59.45, after the departing head of the
country’s telecom and broadcast regulator said his as-yet
unnamed replacement may have to intervene in wireless markets to
stoke competition.

The financials group slipped 0.2 percent, with Royal Bank of
Canada down 0.4 percent to C$93.89 and Canadian Imperial
Bank of Commerce off 0.6 percent at C$106.16.

“They (Canadian banks) had a pretty good run late last week,
with a flight to quality it seems a lot of the fast money came
out of tech and got parked in the banks temporarily,” said Bruce
Latimer, a trader at Eight Capital.

A bounce back in U.S. technology stocks after a sharp
two-day decline helped several Wall Street indices close at
record highs.

The Toronto Stock Exchange’s S&P/TSX composite index
ended down 4.05 points, or 0.03 percent, at 15,379.75.

Investors seem to be engaged in “under the surface sector
rotation” at the moment, said Mike Archibald, associate
portfolio manager at AGF Investments. “To me, it’s reflective
that there is still a good amount of uncertainty by most market
participants right now,” he said.

First Quantum Minerals Ltd fell 4 percent to C$11.43
and Hudbay Minerals Inc lost 4.9 percent to C$7.23,
which Archibald ascribed to positioning ahead of Chinese
economic data due out overnight.

Energy stocks ended 0.4 percent higher overall, with Encana
Corp up 2.1 percent at C$12.84.

Sears Canada Inc sank 23.7 percent to 87 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.

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.
(Editing by James Dalgleish and Lisa Shumaker)