December 14, 2017 / 12:53 PM / 8 months ago

TSX in broad retreat led by Cenovus, other energy stocks

TORONTO (Reuters) - Canada’s main stock index fell on Thursday in a broad retreat from an all-time high hit a day earlier, as financial stocks and energy companies weighed, with Cenovus Energy Inc (CVE.TO) down sharply after announcing a fresh round of job cuts.

The Toronto Stock Exchange sign is seen in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

* The energy group retreated 1.4 percent overall despite higher global oil prices, with Cenovus down 5.1 percent to C$11.26 as the oil sands company also announced the departure of three senior executives.

* The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closes down 120.13 points, or 0.74 percent, at 16,016.46.

* All 10 of the index’s main sectors fell, with decliners outnumbering advancers by a ratio of 2.7-to-1 overall.

* The financials group, which accounts for more than a third of the index’s weight, lost 0.6 percent.

* Drug company Valeant Pharmaceuticals International Inc VRX.TO fell 11.3 percent to C$25.11 after JPMorgan cut the stock to “underweight.”

* Bombardier Inc (BBDb.TO) lost 1.9 percent to C$3.07 after the plane and train maker forecast 2018 revenue well short of analysts’ estimates.

* The largest percentage gainer was Mitel Network Corp (MNW.TO), which rose 10.7 percent to C$10.46 after brokerage Craig-Hallum started coverage with a “buy” recommendation.

Reporting by Alastair Sharp; Editing by Susan Thomas and Meredith Mazzilli

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