Economy

TSX hold steady as energy offsets financials

Canada's main stock retreated for a second straight day on Thursday as materials and financial shares lost ground and worries about the prospects of US tax reform weighed on Wall Street.

The TSX's nine consecutive weeks of gains, a feat not seen since 1996 when it rose for 13 straight weeks, was fueled in large part by energy stocks that profited from a almost 25 percent rise in US crude oil prices.

The Toronto Stock Exchange's S&P/TSX composite index fell 26.44 points, or 0.16 percent, to finish at 16,105.35.

TransCanada Corp was the index's most influential loser, slipping 1.1 percent to C$61.93.

TSX operator TMX Group Ltd was one of the sector's bright spots, adding 1.8 percent to close at C$71.68 after posting a quarterly profit that exceeded expectations. The TSX touched a record 16,131.79 in the previous session.

"I think sentiment is still quite bullish in keeping with the risk-on appetite around the world".

After underperforming major global indexes for much of the year, the TSX has rallied 7 percent since early September, fueled in large part by energy stocks that profited from a almost 25 percent rise in USA crude oil prices.

Tourmaline Oil Corp jumped 7.8 percent to C$26.83 after reporting third-quarter results.

Given the solid global and domestic economic growth, Picardo said, investors are likely looking forward to bank earnings at the end of the month.

Canadian Tire Corp Ltd also gained, rising 3.1 percent to C$162.42 after reporting a rise in quarterly retail sales.

The materials group, home to precious and base metals miners and fertilizer companies, dipped 0.1 percent.

Magna International fell 1.2 percent to C$67.05 after warning that part of its transmission business could soften over the next couple of years. Industrials as a whole fell 0.2 percent.

Declining issues outnumbered advancing ones on the TSX by 137 to 102, for a 1.34-to-1 ratio on the downside.



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