Toronto drops
TORONTO (Reuters) - The Toronto Stock Exchange’s main index ended lower as energy and financial issues dropped, due partly to quarter-end profit-taking.The S&P/TSX composite index closed down 92.52 points, or 0.7 percent, at 13,165.50. The benchmark index was down 0.5 percent for the week.
Overall, eight of the TSX index’s 10 main groups were lower, led by a 1.4 percent slide in energy issues and a 0.9 percent retreat in the financials sector. Energy shares dropped as US crude oil for May settled 16 cents lower at $65.87 a barrel, hit by tensions between Britain and Iran over the capture of Royal Navy sailors and marines.
“The (energy) group has had a bit of a pop over the last week over news coming out of Iran,” said Elvis Picardo, investment strategist at Northern Securities Corp. in Vancouver.
“I think investors are taking profits, squaring their positions before the weekend because, really, anything could happen over the weekend.”
Canadian Natural Resources slid C$1.52, or 2.3 percent, to C$63.75, while EnCana fell 95 Canadian cents, or 1.6 percent, to C$58.40.
The financial services sector, which makes up about a third of the main index, dropped 0.9 percent. Shares of Royal Bank of Canada fell 69 Canadian cents, or 1.2 percent, to C$57.50, while Bank of Nova Scotia dipped 49 Canadian cents, or 0.9 percent, to C$53.19.
The telecoms sector was up 0.4 percent with shares of BCE Inc. ahead 60 Canadian cents, or 1.9 percent, at C$32.65. Rogers Communications climbed 44 Canadian cents, or 1.2 percent, to C$37.79.
The health care sector was also up 0.3 percent.
