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CANADA STOCKS-TSX slips after Poloz keeps markets guessing on July rate move

Published 2018-06-28, 10:28 a/m
© Reuters.  CANADA STOCKS-TSX slips after Poloz keeps markets guessing on July rate move
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June 28 (Reuters) - Canada's main stock index fell on Thursday after central bank Governor Stephen Poloz kept markets guessing on interest rate hike in July.

* At 9:35 a.m. ET (1335 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 61.63 points, or 0.38 percent, at 16,169.62.

* The brewing trade war between Canada and the United States is weighing on business investment but the domestic economy is near full capacity and inflation is on target, and it will be economic data that decides the next rate move, Poloz said in a speech on Wednesday. Poloz's statement sent the Canadian dollar to a one-year low before it recovered ground on Wednesday.

* Poloz also said some businesses are not sure they are ready to invest right now, because they are uncertain about future of NAFTA. Eight of the index's 11 major sectors were lower, led by the financial sector .SPTTFS , which slid 0.5 percent.

* The energy sector .SPTTEN was also down 0.3 percent.

* Canada's trade minister last week met senior officials from General Motors Co (NYSE:GM) GM.N and Fiat Chrysler Automobiles NV FCHA.MI in Detroit, as Ottawa takes its lobbying effort directly to the Big Three carmakers to avert potential U.S. auto tariffs. The Canadian government has no control over decisions to resume or start new work on the Trans Mountain until it takes ownership of the major crude oil pipeline project, Canada's natural resources minister said. On the TSX, 90 issues were higher, while 145 issues declined for a 1.61-to-1 ratio to the downside, with 8.55 million shares traded.

* Top gainers on the TSX were shares of Detour Gold Corp DGC.TO , which climbed 4.7 percent after the company updated its mining plan. NFI Group Inc NFI.TO , which rose 1.6 percent on a National Bank of Canada upgrade, was the second-biggest percentage gainer.

* Ritchie Bros RBA.TO fell 7.1 percent and was the top decliner on the TSX, while Corus Entertainment CJRb.TO was the second-biggest loser, with a 5.3 percent fall.

* Aurora Cannabis ACB.TO , Canopy Growth Co WEED.TO and Arizona Mining AZ.TO were the most heavily traded shares by volume.

* The TSX posted one new 52-week high and seven new lows.

* Across all Canadian issues there were three new 52-week highs and 20 new lows, with total volume of 14.85 million shares.

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