CANADA STOCKS-TSX falls in broad retreat; resource, industrial stocks drag

(Adds details on specific stocks, updates prices)

* TSX down 120.55 points, or 0.79 percent, at 15,235.03

* Nine of the TSX’s 10 main groups were higher

TORONTO, June 29 (Reuters) – Canada’s main stock index fell
in morning trade on Thursday in a broad retreat led by slips
among heavyweight energy, gold mining and industrial stocks and
a pullback in shares of convenience store operator Alimentation
Couche Tard Inc.

Bombardier Inc fell 1.6 percent to C$2.41 after
the company confirmed its transportation unit plans to cut up to
2,200 jobs in Germany as part of a sweeping savings plan.

The most influential movers on the index included Canadian
National Railway Co, which fell 1.8 percent to
C$105.67, Barrick Gold, which lost 2.7 percent to
C$20.46, and Suncor Energy Inc, down 1 percent at
C$38.15.

Overall, there were more than 4 decliners for every
advancer.

Alimentation Couche Tard Inc declined 2.9 percent
to C$62.50. The convenience store operator’s shares had jumped
earlier in the week on news it had won U.S. antitrust approval
to buy rival CST Brands Inc.

At 9:52 a.m. ET (1352 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index was down 120.55 points, or
0.79 percent, at 15,235.03.

The index is expected to edge up to set a new high by the
middle of 2018, a Reuters poll found on Thursday, boosted by
moderate economic growth offsetting depressed oil prices and
worries about the country’s housing market.

On the day, nine of the index’s 10 main groups were in
negative territory, with only the healthcare group rising.

Valeant Pharmaceuticals International Inc jumped 5
percent to C$23.52 after it said it had completed the sale of
its Dendreon subsidiary and that the U.S. Food and Drug
Administration had accepted unit Salix Pharmaceuticals’
marketing application for bowel cleanser drug, Plenvu.

Teck Resources Ltd also gained, up 3.5 percent to
C$23.26, after agreeing to buy a Mexican mine from a subsidiary
of Goldcorp Inc, which fell 3 percent to C$16.86.

The energy group retreated 0.7 percent despite higher oil
prices, while the materials group, which includes precious and
base metals miners and fertilizer companies, lost 1.2 percent.

(Reporting by Alastair Sharp; Editing by Nick Zieminski)


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