* TSX up 22.51 points, or 0.15 percent, to 15,153.12
* Six of the TSX’s 10 main groups were up
By Solarina Ho
TORONTO, July 5 (Reuters) – Canada’s main stock index
rebounded from earlier session losses on Wednesday but gains in
heavily weighted sectors including financials and materials were
tempered by a sharp tumble in energy stocks.
The Toronto Stock Exchange’s S&P/TSX composite index
rose 22.51 points, or 0.15 percent, to finish at
15,153.12. Six of the index’s 10 main groups rose.
The index reversed course as investors brushed away concerns
over North Korean tensions and the minutes from the U.S. Federal
Reserve’s last meeting.
“Maybe at the beginning of the day, it was weighing down the
markets,” said Manash Goswami, senior vice president, portfolio
manager at First Asset ETFs. “We saw markets rise back up, and
then after the Fed minutes … you saw the markets continue to
The minutes for the June meeting showed that policymakers
were increasingly split on the outlook for inflation and how it
would affect the future pace of rate increases.
Index heavyweights Bank of Nova Scotia rose 1.1
percent to C$78.67, while Royal Bank of Canada advanced
0.8 percent to C$94.96. The overall financials group gained 0.7
The materials sector, which includes precious and base
metals miners and fertilizer companies, added 0.8 percent, as
gold miners dominated. Barrick Gold Corp rose 3.3
percent to C$20.67, while Goldcorp Inc added 2.7 percent
The information technology group rose 0.9 percent, in tandem
with U.S. tech stocks. Shopify Inc was one of the most
influential gainers, jumping 4.3 percent to C$114.76.
Energy stocks, hurt by a 4 percent tumble in crude oil
prices, capped advances, and gave back 2.2 percent.
Raymond James said it had lowered its assumptions for oil
and natural gas prices in 2017 and 2018, and downgraded shares
of a string of Canadian producers.
Nine of the 10 biggest drags on the index were energy names,
with Cenovus Energy Inc sliding 5.1 percent to finish
at C$9.14. Crescent Point Energy Corp hit a record low
of C$9.36 during the session and finished down 5.7 percent at
Regional airline operator Exchange Income Corp
closed down 4.7 percent at C$31.10 after being targeted by a
short-seller who said it does not generate enough cash to pay
the dividends it provides investors. The company said it
strenuously disagreed with a number of statements, assumptions
and opinions in the report.
Declining issues outnumbered advancing ones on the TSX by
169 to 77, for a 2.19-to-1 ratio on the downside.
(Reporting by Solarina Ho; Editing by Peter Cooney)