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CANADA STOCKS-TSX falls amid caution after Trump press conference
January 12, 2017 / 3:45 PM / a year ago

CANADA STOCKS-TSX falls amid caution after Trump press conference

* TSX down 70.87 points, or 0.46 percent, to 15,420.67

* Nine of the TSX’s 10 main groups move lower

TORONTO, Jan 12 (Reuters) - Canada’s main stock index fell on Thursday, led by heavyweight financial and energy stocks as investors turned more cautious after U.S. President-elect Donald Trump’s Wednesday news conference provided no further clues on his policy priorities.

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 1.7 percent at C$24.46, and Royal Bank of Canada off 0.7 percent to C$93.20.

The financials group - which accounts for 35 percent of the index - fell 0.7 percent, while industrials lost 0.6 percent.

On the other side of the ledger, gold miners and other materials stocks gained as gold surged to its highest in seven weeks on a weaker U.S. dollar.

Barrick Gold Corp rose 2.8 percent to C$22.60, and Goldcorp Inc gained 2.5 percent to C$19.53. Goldcorp, the world’s No.3 gold miner by market value, said it would sell a Mexican mine for $438 million.

At 10:25 a.m. ET (1525 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 70.87 points, or 0.46 percent, to 15,420.67.

Nine of the index’s 10 groups were lower, with five falling issues for every two gainers overall.

Shaw Communications Inc fell 2.8 percent to C$27.41 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.

The energy group retreated 0.7 percent, even as oil prices gained, with MEG Energy Corp slumping 7.6 percent to C$7.78 after the company said it planned to refinance its debt and spend almost four times more in 2017 after deferring some projects in 2016 due to low crude prices.

Canadian home prices continued to rise in the final months of 2016 as hot markets in Ontario offset the moderating effects of a foreign buyers tax in Vancouver, though most markets were past their peak, separate reports showed on Thursday.

Reporting by Alastair Sharp; Editing by Marguerita Choy

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