TSX in broad retreat led by Cenovus, other energy stocks

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

December 14, 2017

By Alastair Sharp

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 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)