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CANADA STOCKS-TSX eases from record high as quarterly results disappoint
November 8, 2017 / 4:23 PM / 12 days ago

CANADA STOCKS-TSX eases from record high as quarterly results disappoint

* TSX down 46.2 points, or 0.29 percent, to 16,085.59

* Six of the TSX’s 10 main groups down

TORONTO, Nov 8 (Reuters) - Canada’s main stock index fell on Wednesday, retreating from another record high the previous day, as financial and energy stocks dropped, oil prices declined and corporate results came in below expectations.

Intact Financial Corp fell 4.4 percent to C$102.22 following a disappointing third-quarter report.

Canada’s major banks lost ground, helping to pull down the overall group, about one-third of the index’s weight, by 0.3 percent. Sun Life Financial Inc fell 1.1 percent to C$49.49.

TransCanada Corp slipped 0.9 percent to C$62.02, while Encana Corp fell 2.3 percent to C$15.93 after reported that third-quarter profit declined on lower oil and gas production.

More broadly, energy stocks were down 0.9 percent as U.S. oil futures fell 0.5 percent to $56.92 following data that showed an unexpected build in U.S. crude inventories.

At 10:52 a.m. EST (1552 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 46.2 points, or 0.29 percent, to 16,085.59. The TSX touched 16,131.39 in the previous session, adding to its recent string of record highs.

Of the index’s 10 primary groups, six lost ground, including consumer discretionary stocks, which fell 0.4 percent. Auto parts makers Linamar Corp, which tumbled 13 percent to C$66.91 after its results missed estimates. Larger rival Magna International Inc lost 1.9 percent to C$68.06.

Agrium Inc fell 2.5 percent to C$135.16 after reporting a bigger-than-expected loss.

The broader materials group, encompassing miners and fertilizer firms, remain unchanged. Offsetting losses, Teck Resources Ltd rose 1.9 percent to C$27.95.

ATS Automation Tooling Systems Inc slumped 6 percent to C$14.31 after its results missed analysts’ expectations. Industrials as a whole fell 0.3 percent.

On the upside, Valeant Pharmaceuticals International Inc extended gains in the previous session, rising 6.2 percent to C$19.21.

Declining issues outnumbered advancing ones on the TSX by 154-to-90, for a 1.71-to-1 ratio on the downside.

The index posted 10 new 52-week highs and 1 new low. (Reporting by Solarina Ho; Editing by Jeffrey Benkoe)

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