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TSX ends down 0.4% at 20,366.72
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Energy falls 1.7%; oil settles 3.6% lower
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Cenovus Energy falls 3.7%
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Teck resources gains on restructuring plan withdrawal
(Adds investor quotes and details throughout)
By Fergal Smith
April 26 (Reuters) - Canada's main stock index fell to
its lowest closing level in two weeks on Wednesday as oil prices
dropped and investors worried that a slowdown in economic growth
could expose lenders to increased risk of default on their
loans.
The Toronto Stock Exchange's S&P/TSX composite index ended down 73.15 points, or 0.4%, at 20,366.72, its
lowest closing level since April 10.
U.S. benchmarks the S&P 500 and the Dow also ended lower
amid lingering concerns about a weakening U.S. economy and the
banking sector.
There's good reason to remain cautious, said Joseph
Abramson, co-chief investment officer at Northland Wealth
Management.
"Risk remains to the downside over the next three to six
months because credit risk should jump as growth slows,"
Abramson said.
The energy sector, which accounts for 19% of the TSX's
weighting, fell 1.7% as oil settled 3.6% lower at $74.30 a
barrel.
Adding to pressure on energy was a decline of 3.7% for the
shares of Cenovus Energy Inc <CVE.TO. The company reported its
first-quarter profit fell by more than half from a year earlier.
Industrials lost 1.6%, pressured by a 11.3% decline in the
shares of transportation company TFI International after the company reported first-quarter results.
Teck Resources Ltd withdrew its plan to separate
its copper and coal businesses, a surprise development just
ahead of a key shareholder vote, as the miner sought to fend off
a $22.5 billion takeover attempt from Glencore Plc .
Shares of Teck Resources ended up 4.1%
Technology was also a bright spot, rising 1.1%, as U.S. tech
shares rallied and Rogers Communications Inc gained
2.7% after a strong performance in the company's wireless
business unit contributed to better-than-expected quarterly
earnings.
(Reporting by Fergal Smith; Additional reporting by Shristi
Achar A in Bengaluru and Fergal Smith in Toronto; Editing by
Shweta Agarwal and Alistair Bell)
