(Adds strategist comment, updates prices to close)
* TSX ends down 16.37 points, or 0.11 percent, at 14,796.65
* Eight of the TSX's 10 main groups fall, mostly marginal
By Alastair Sharp
TORONTO, Sept 7 Canada's main stock index
slipped on Wednesday as shares in some mining and telecom
companies and a convenience store operator weighed, although
rising energy stocks limited losses.
The country's central bank warned of risks to growth,
hitting the currency but having only a marginal impact on
financial stocks, while investors cheered one energy acquisition
and pushed another buyer lower.
The Toronto Stock Exchange's S&P/TSX composite index
settled down 16.37 points, or 0.11 percent, at
14,796.65. Eight of its 10 main sectors fell, although most were
"The index is still extremely resilient," said Elvis
Picardo, strategist at Global Securities in Vancouver, adding
that corporate earnings were doing just enough to offset bearish
economic data as investors continue to seek yield.
Alimentation Couche Tard Inc fell 2.2 percent to
C$66.35, after the convenience store operator said it had won
approval for its purchase of almost 300 Esso fuel and
convenience stores from Imperial Oil Ltd.
On the other side of the ledger, pipeline company Enbridge
rose 2.1 percent to C$56.44, adding to sharp gains on
Tuesday, when it said it would pay about $28 billion in stock to
buy Spectra Energy Corp.
Other gainers included Valeant Pharmaceuticals International
Inc, up 3.1 percent to C$39.05 after announcing the
commercial U.S. introduction of a constipation medication late
The telecom sector fell 1.3 percent, with Rogers
Communications Inc down 1.7 percent at C$55.62, and
consumer staples lost 1.4 percent, with no other sector falling
more than 0.25 percent.
Global's Picardo said the TSX's roughly 14 percent gain so
far this year has been "propelled by monster gains in the two
most economically sensitive groups", materials and energy, and
that "if you take that away then the TSX doesn't look that
"I would wager that there is more downside risk than upside
potential," he said.
New Gold Inc slumped 7.2 percent to C$6.73 after
saying development costs for a mine in northwestern Ontario had
Larger gold miners also weighed as bullion prices dipped.
The materials group, which includes precious and base
metals miners and fertilizer companies, slipped 0.2 percent.
Department store operator Hudson's Bay Co fell 2.2
percent to C$17.66 after saying it expects 2016 revenue to reach
only the lower end of its forecast.
The Bank of Canada held interest rates steady, citing
weaker-than-expected global growth but forecasting the country's
economy would bounce back this year.
(Reporting by Alastair Sharp; Editing by Lisa Von Ahn and