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CANADA STOCKS-TSX deepens weekly decline as financials pull back




(Add quotes and investor details throughout; update prices)

* The TSX ends down 72.21 points, or 0.4%, at 20,633.06

* Financials and industrials both fall by 0.3%

* The materials group ends down 0.7%

* Uranium producer Cameco Corp reaches highest level in 10 years

TORONTO, Sept. 10 (Reuters) – Canada’s main stock index fell for a fourth day on Friday, as declines in the financials and industrials sectors offset gains in uranium stocks as investors braced for a seasonal period of market weakness.

The Toronto Stock Exchange’s S & P / TSX Composite Index ended down 72.21 points, or 0.4%, at 20,633.06, continuing a string of declines since Tuesday when the market hit a record intraday high from 20,897.57.

For the week, the TSX was down 0.9%

I think we’re taking a break, said Michael Sprung, president of Sprung Investment Management. We are also entering a season where we often see seasonal market weakness.

The financial services sector, which accounts for about 30% of the valuation of the Toronto markets, and the industrial group both lost 0.3%.

The materials group, which includes precious and base metal mining companies and fertilizer companies, fell 0.7% on falling gold prices, but shares of uranium producers have added to recent gains.

There are funds targeting the uranium market in an attempt to capture the market, which is creating a shortage with a limited supply of uranium in the open market, said Matt Manara, portfolio manager at Avenue Investment Management.

Cameco Corp shares hit their highest level since March 2011, ending at 6.8%, while Denison Mines Corp rose 11.2%.

Data showed the Canadian economy posted strong job growth in August and the unemployment rate fell to its lowest level since the start of the coronavirus pandemic, which could boost hopes for the Premier. Minister Justin Trudeau to be re-elected later this month. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru, editing by Alistair Bell)




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