(Adds portfolio manager quotes and details on prime minister's
comments, updates prices)
* TSX closes down 29.24 points, or 0.2 percent, at 14,566.26
* Index falls 1.1 percent for the week
* Nine of TSX's 10 main groups retreat, materials gain
By Fergal Smith
TORONTO, Oct 7 Canada's main stock index fell on
Friday as lower oil prices weighed on energy stocks and an
unfavorable regulatory ruling pressured the shares of telecom
For the week, the index fell 1.1 percent. Still, it has
rallied more than 26 percent since hitting a 3-year low in
"Markets are definitely taking a breather," with investors
mindful of a Canadian market holiday on Monday for Thanksgiving
Day and the upcoming third-quarter earnings season, said Youssef
Zohny, portfolio manager at StennerZohny Investment Partners of
"I think there is maybe some nervousness going into earnings
season given the last few quarters in the United States were a
little underwhelming," said Zohny.
Telecoms fell 1.2 percent after a regulator said major
internet service providers must lower the wholesale rates they
charge smaller rivals for access to their networks.
Rogers Communications Inc lost 1.9 percent to
C$54.20, Telus Corp fell 1.3 percent to C$42.30, and BCE
Inc declined 0.9 percent to C$59.43.
The energy group fell 0.5 percent as oil fell.
Canadian Natural Resources Ltd fell 0.7 percent to
C$42.39, while U.S. crude oil futures settled down 63
cents at $49.81 a barrel as investors took profit after recent
The Toronto Stock Exchange's S&P/TSX composite index
closed down 29.24 points, or 0.2 percent, at
14,566.26. Nine of the index's 10 main groups ended lower.
A U.S. presidential debate on Sunday "could add some
volatility to markets," Zohny said.
Canadian Prime Minister Justin Trudeau told a Reuters
Newsmaker event in Toronto he was not overly worried about the
future of the North American Free Trade Agreement (NAFTA), even
though the main U.S. presidential candidates have said they want
to change the deal.
The materials sector, which includes precious and base
metals miners and fertilizer companies, was the only one of 10
main groups to move higher, gaining 0.4 percent. It was helped
by gold rising off of a four-month low after a slowdown in U.S.
employment growth which could leave the Federal Reserve more
cautious about raising interest rates.
Barrick Gold Corp gained 1.6 percent to C$20.91 and
Goldcorp Inc added 0.4 percent to C$18.72.
Canada added far more jobs than expected in September and
the Bank of Canada said that Canadian companies' hiring and
investment intentions improved modestly in the third quarter,
while resource firms believe the sector may be bottoming out
after prolonged weakness.
(Additional reporting by Alastair Sharp; Editing by Bernadette
Baum and Grant McCool)