(Adds portfolio manager quotes and details on Wall Street and
domestic housing starts, updates prices)
* TSX closes down 16.66 points, or 0.11 percent, at
* Eight of the TSX's 10 main groups end lower
By Fergal Smith
TORONTO, Oct 11 Canada's main stock index edged
lower on Tuesday as a disappointing start to U.S. earnings
season weighed, offsetting gains for the shares of energy
companies after a move higher in oil prices.
Modest losses for the TSX follow a market holiday on Monday
when the price of Brent oil reached its highest in a year.
"Investors in Canada are digesting more than just their
Thanksgiving weekend meals today, they are also taking in the
start of U.S. third quarter earnings season," said Stan Wong,
director of wealth management at ScotiaMcLeod.
Wall Street also ended lower as disappointing corporate
reports gave a sour tone to the start of earnings season and
investors digested possible changing dynamics in the run up to
the Nov. 8 U.S. elections.
"North American equity market valuations are still feeling
full ... for a meaningful move higher in equity markets we need
accelerated global growth and a stronger earnings recovery,"
The Toronto Stock Exchange's S&P/TSX composite index
closed down 16.66 points, or 0.11 percent, at
Eight of the index's 10 main groups ended lower.
The materials group, which includes precious and base metals
miners and fertilizer companies, lost 0.6 percent.
Barrick Gold Corp fell 1.7 percent to C$20.55, as
the prospect of a December U.S. Federal Reserve interest rate
hike weighed on gold prices.
Spot gold fell 0.5 percent.
Shares in online gambling company Amaya Inc fell
3.4 percent to C$22.61 after surging late last week on
confirmation the company is in talks to merge with William Hill
The overall consumer discretionary group declined 0.7
percent, while the heavyweight financials group dipped 0.1
Brookfield Asset Management Inc fell 1.2 percent
to $46.70. Canada's largest alternative-asset manager, is
considering a bid for troubled hockey gear-maker Performance
Sports Group Ltd, Bloomberg reported.
The energy group climbed 1.2 percent, including a 1.4
percent rise in the shares of Suncor Energy to C$37.40,
while Cenovus Energy Inc advanced 3.1 percent to
U.S. crude prices settled down 56 cents at $50.79 a
barrel amid doubts about the ability of major oil producers to
reduce a global supply glut.
Teck Resources Ltd advanced 4.4 percent to
C$24.27. The company owns a 22.5 percent stake in one of Peru's
top copper and zinc mines, which is planning to double its zinc
output next year.
Canadian housing starts surged in September compared with
August, surpassing market expectations, data from the national
housing agency showed.
(Additional reporting by Alastair Sharp; Editing by Meredith
Mazzilli and Grant McCool)