Canadian Stocks Slide to End Five-Day Rally as Tech Shares Dropby
S&P/TSX ends rally that sent it to highest level in a year
Financial shares only group to rise, up six straight days
Canadian stocks slipped, snapping a five-day rally that extended gains to the highest level in a year, as declines in technology and consumer-staples companies offset gains by financial shares.
The S&P/TSX Composite Index fell 0.2 percent to 14,482.42 at 4 p.m. in Toronto as nine of 10 main industries dropped, ending its longest rally since March.
Bank of Nova Scotia and Canadian Western Bank increased more than 0.6 percent as financial stocks extended a rally to a sixth session, its longest since October. Fairfax Financial Holdings Ltd. and FirstService Corp. jumped at least 0.6 percent.
Volume on the Canadian index was 29 percent below the 30-day average. The benchmark capped its best week since April, up 1.6 percent.
Technology companies fell the most in the S&P/TSX with Sierra Wireless Inc. leading losses. Kinaxis Inc. and Computer Modelling Group Ltd. slid at least 2.4 percent.
Consumer staples stocks dropped as Alimentation Couche-Tard Inc. had its worst two-day selloff in a month. Jean Coutu Group Inc. and George Weston Ltd. slid 0.7 percent.
Health-care providers tumbled as Chartwell Retirement Residences fell as much as 1.9 percent.