(Adds portfolio manager quotes, details; updates prices)
* TSX closes down 49.02 points, or 0.31 percent, at
* Seven of the TSX's 10 main groups end lower
By Fergal Smith
TORONTO, Feb 23 Canada's main stock index fell
to a 10-day low on Thursday as financial and industrial shares
pared recent gains, while the materials group lost ground as
base metal prices slumped.
The Toronto Stock Exchange's S&P/TSX composite index
closed down 49.02 points, or 0.31 percent, at
15,781.20, its lowest close since Feb. 13.
Still, it has rallied 3.2 percent this year after climbing
17.5 percent in 2016 and on Tuesday reached an all-time high at
"The market still has a good tone but sometimes the market
will 'back and fill'," said Irwin Michael, portfolio manager at
"A lot of these stocks have run up tremendously over the
last few months."
The materials group, which includes precious and base metals
miners and fertilizer companies, lost 1.1 percent, with Potash
Corporation of Saskatchewan Inc falling more than 3
percent to C$23.69 and copper producer First Quantum Minerals
Ltd tumbling 6.5 percent to C$14.23.
Copper prices declined 3.0 percent to $5,858.85 a
tonne as investors worried that demand could slow from China
should its government take steps that cool the country's
In contrast, gold futures rose 1.4 percent to
$1,249.7 an ounce after Federal Reserve minutes on Wednesday
dampened expectations for an interest rate hike in March.
Shares of Canadian Imperial Bank of Commerce rose 1
percent to C$119.40. The bank posted better-than-expected
quarterly results and said it would be "disciplined" in
assessing whether to raise its C$3.8 billion offer for
"The results from CIBC were stellar and I think it sets the
table for some excellent results for all the Canadian banks,"
said Barry Schwartz, portfolio manager at Baskin Financial
The overall financials group slipped 0.3 percent as investor
doubts about the economic impact of the Trump administration's
policies pressured bond yields lower.
Seven of the index's 10 main groups ended lower, with
industrials falling 1.2 percent as railroad stocks lost ground.
Canadian National Railway Co ended down 1.5 percent at
The energy group climbed 1.3 percent as oil prices rose.
U.S. crude prices settled 86 cents higher at $54.45 a
barrel but gains were pared after U.S. government data showed a
seventh straight build in crude stocks.
Crescent Point Energy Corp advanced 1.5 percent to
C$15.73, even as the company reported a bigger-than-expected
Supermarket chain Loblaw's advanced 3.1 percent to
C$71.05 after reporting a sharp jump in profit and
(Additional reporting by Alastair Sharp; Editing by Bernadette
Baum and James Dalgleish)