TSX falls amid broader declines as investors reassess turbulent week
TSX down 0.3%
Utilities shares lead broader declines
Algonquin Power & Utilities to sell renewables unit, shares plummet
Updated at 9:47 a.m. ET/ 1347 GMT
By Purvi Agarwal
Aug 9 (Reuters) -Canada's main stock index moved lower on Friday amid a broader retreat and is set for a weekly decline, as investors took a breather to reflect on a volatile week for stock markets.
At 9:47 a.m. ET (13:47 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 70.53 points, or 0.32%, at 22,155.08.
The index logged its best day since February 15 on Thursday after U.S. jobs data suggested that fears of an unravelling labor market were overblown, and rate-cut signals from the Federal Reserve policymakers helped sentiment recover.
Markets have been trying to find their footing in the face of a turbulent week, characterized by recessionary fears in the U.S., coupled with an unwinding of Japan's yen-funded carry trade.
"Investors are digesting what has unfolded over the week - a lot of volatility, news and uncertainty moving forward. Markets are just taking a bit of a breather today," said Macan Nia, co-chief investment strategist at Manulife Investment Management.
In the market, utilities .GSPTTUT led declines with a 1.5% loss, weighed down by a 11.7% fall in Algonquin Power & Utilities Corp AQN.TO after it announced it would sell its renewable energy business, excluding hydropower operations, for up to $2.5 billion.
The index saw broader declines with the exception of heavy-weighted financials .SPTTFS that inched 0.1% higher.
Meanwhile, Canada's economy unexpectedly shed a net 2,800 jobs in July, while the unemployment rate remained at a 30-month high of 6.4%, data showed on Friday.
"The numbers confirm the narrative that the Canadian economy is weakening and that the BoC is going to have to continue cutting rates to stimulate the economy," Nia added.
Among other stocks, Canopy Growth WEED.TO dipped 7.4% despite a smaller-than-expected core loss for the first quarter.
Reporting by Purvi Agarwal in Bengaluru; Editing by Vijay Kishore
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