(Adds portfolio manager quotes, details on telecoms and
utilities; updates prices)
* TSX closes down 73.38 points, or 0.47 percent, at
* Eight of the TSX's 10 main groups end lower
By Fergal Smith
TORONTO, Jan 12 Canada's benchmark stock index
fell on Thursday, pressured by losses of heavyweight financial
and energy stocks as investors took money off the table
following solid gains since the U.S. presidential election.
The lack of details on economic policy by U.S.
President-elect Donald Trump at his news conference on Wednesday
- the first since the November election - weighed on investor
"I just think that people traded quickly into their belief
of new policy on Trump coming into office and that pulls forward
a lot of returns," said Ben Jang, portfolio manager at Nicola
The Toronto Stock Exchange's S&P/TSX composite index
has rallied more than 5 percent since the Nov. 8
election. Last week it touched its highest level since September
2014, at 15,621.40, just shy of its record high.
"I think the sell-off is helping the market to normalize a
bit and better understand that you need to wait until we are
into the 100-day mark (of the new presidency) and we start to
see a resemblance of what reform is going to look like," Jang
The TSX closed down 73.38 points, or 0.47 percent, at
The country's biggest banks and insurers were among the most
influential weights on the index as bond yields fell, with
Manulife Financial Corp down 1.8 percent at C$24.43,
and Bank of Montreal off 0.9 percent to C$97.97.
The financials group - which accounts for 35 percent of the
index - fell 0.5 percent, while the energy group declined 0.9
percent even as oil prices rose.
Suncor Energy Inc dropped 0.9 percent to C$42.78,
while MEG Energy Corp slumped 5.4 percent to C$7.96.
MEG said it planned to refinance its debt and increase its
capital spending by almost four times in 2017 after deferring
some projects in 2016.
U.S. crude oil futures settled 76 cents higher at
$53.01 a barrel.
Shaw Communications Inc fell 1.9 percent to
C$27.66 after the cable company's quarterly profit more than
halved as it took a charge related to the shutdown of a video
streaming joint venture.
Industrials fell 0.5 percent, while the materials group,
which includes precious and base metals miners and fertilizer
companies, lost 0.4 percent.
Gold surged to a seven-week high above $1,200 an
ounce before paring gains and copper prices advanced 2.2
percent to $5,842.15 a tonne.
Just two of the index's 10 main groups ended higher, with
telecoms rising 0.3 percent and utilities up 0.6 percent.
(Additional reporting by Alastair Sharp; Editing by Leslie