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CANADA STOCKS-TSX slides as investors shun riskier assets, gold shines

Published 2017-08-18, 11:13 a/m
Updated 2017-08-18, 11:20 a/m
© Reuters.  CANADA STOCKS-TSX slides as investors shun riskier assets, gold shines

* TSX down 76.41 points, or 0.51 percent, to 14,957.23

* All 10 of the index's main groups fall

TORONTO, Aug 18 (Reuters) - Canada's main stock index fell on Friday, led lower by heavyweight bank shares, as investors worldwide fled equities to perceived safe-haven investments amid global geopolitical uncertainties.

Deadly attacks in Barcelona and U.S. policy uncertainty following the exit of U.S. executives from presidential business councils heightened the appeal of gold as well as German government and U.S. Treasuries versus stocks. MKTS/GLOB

Canadian financial stocks were the five biggest contributors to the index's decline.

Manulife Financial Corp MFC.TO fell 1.3 percent to C$24.77, while Bank of Montreal BMO.TO slipped 0.6 percent to C$91.2. The overall financials group declined 0.5 percent.

At 10:16 a.m. ET (1416 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE fell 74.5 points, or 0.5 percent, to 14,959.14.

All 10 of the index's key sectors were in the red.

Technology stocks retreated 0.9 percent with Absolute Software Corp ABT.TO slumping 5.1 percent to C$7.58 after it reported fourth-quarter results that missed expectations. Natural Resources fell 1.2 percent to C$38.54, while the broader energy group retreated 0.5 percent.

Global oil prices edged higher but were still on track to close the week between 2 percent to 3 percent lower. O/R

Bombardier Inc shares fell 1.9 percent to C$2.58 amid news that Swedish authorities are charging a Bombardier employee on suspicion of bribery. industrials sector fell 0.9 percent.

The materials group was down 0.2 percent, but losses were tempered by gold mining stocks, which benefited from safe-haven gold prices that were on track for a second consecutive weekly gain.

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Barrick Gold ABX.TO was up 1.1 percent to C$21.60, while Kirkland Lake Gold Ltd KL.TO rose 2.5 percent to C$14.81. Agnico Eagle Mines Ltd AEM.TO climbed 1.5 percent to C$60.52.

Gold futures GCc1 rose 0.7 percent to $1,294.8 an ounce. GOL/

Domestic data showed that Canada's annual inflation rate ticked higher in July, suggesting price pressures are picking up after June's subdued reading and clearing the way for the Bank of Canada to raise interest rates in the fall. issues outnumbered advancing ones on the TSX by 176 to 65, for a 2.71-to-1 ratio on the downside.

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