Canada's main stock index fell on Thursday as investors, positioning their portfolios at the end of the month, appeared less than impressed by a host of quarterly results. Still, the Toronto Stock Exchange's S&P/TSX composite index rose 2.2 percent in April. But those gains may be reaching their limits, as investors worry equities prices may have risen up too quickly given the uncertain economic and monetary environment.
"The TSX, like other global markets, is hitting some resistance levels," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners+. "I wouldn't be surprised to see a global pullback as we enter the spring." Goldcorp Inc, the world's biggest gold producer by market value, weighed heaviest, falling 6.2 percent to C$22.71 after disappointing earnings.
Potash Corp, the world's biggest fertilizer company, missed quarterly forecasts and cut its full-year profit outlook, pushing its shares down 1.3 percent to C$39.28. Suncor Energy Inc, Canada's largest energy company, fell 1 percent to C$39.40 after its operating profit missed estimates as oil prices dropped by half. And BCE Inc, the country's largest telecommunications company, dipped 1.8 percent to C$53.19 after reporting a modest gain in adjusted profit. One notable exception was Lundin Mining Corp, whose shares rose 10.5 percent to C$6.00 after it reported a sharp increase in earnings and revenue late on Wednesday. The index ended the day down 124.20 points, or 0.81 percent, at 15,223.14.