Log In

Reset Password

Profit-taking day

TORONTO (Reuters) - The Toronto Stock Exchange's main index ended lower yesterday, pulled down by weakness in financial and energy issues as the market dropped back after a four-day winning streak.The S&P/TSX composite index was down 56.93 points, or 0.4 percent, at 14,119.49. The drop followed a gain of more than 450 points in the past four sessions.

"We've had a pretty good run over the last four weeks or so," said Adrian Mastracci, portfolio manager and president at KCM Wealth Management, in Vancouver. "For some people, it's time to take a little off the table."

Overall, eight of the TSX index's 10 main groups were lower, with the heavyweight financial and energy groups down 0.6 percent and 0.3 percent respectively. Combined, the sectors make up about nearly 60 percent of the index.

Materials lost 0.1 percent on weakness in some metals prices, including copper and nickel.

"All three major groups are down so that's the story," said John Kinsey, portfolio manager at Caldwell Securities Ltd.

"I think it's just one of those days. Maybe, everything is taking a bit of a rest here."

Royal Bank of Canada slipped 60 Canadian cents, or 1.1 percent, to C$56.25, while Canadian Imperial Bank of Commerce fell C$1.67, or 1.7 percent, C$96.82.

Earlier Tuesday, Statistics Canada reported Canada's annual core inflation rate cooled to 2.2 percent in May from 2.5 percent in April.

Despite the more moderate pace of inflation, analysts didn't appear to think the Bank of Canada would be deterred from raising interest rates.

Energy shares, which account for about 30 percent of the benchmark index, retreated as benchmark London Brent crude pulled back from the 10-month high of $72.25 it hit on Monday. US crude, however, settled up one cent at $69.10 a barrel.

Shares of Talisman Energy slipped 42 Canadian cents, or 1.9 percent, to C$22.08, while Canadian Natural Resources Ltd. fell 75 Canadian cents, or one percent, to C$73.45.

Shares of Nuvo Research slipped nine Canadian cents, or 28 percent, to 23 Canadian cents, the biggest percent loser on the TSX, after another setback from the US Food and Drug Administration threatened to push back the approval date of its osteoarthritis treatment by another year.