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TSX drops on weak Bombardier outlook, BoC's growth forecast cut

Published 2019-04-25, 10:15 a/m
© Reuters.  TSX drops on weak Bombardier outlook, BoC's growth forecast cut
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April 25 (Reuters) - Canada's main stock index fell on Thursday, hurt by a drop in Bombardier Inc 's BBDb.TO shares following a weak full-year outlook and as the Bank of Canada lowered its growth forecast for 2019.

* At 9:38 a.m. ET (1338 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was down 47.87 points, or 0.29 percent, at 16,538.65.

* Bombardier fell 16.1 percent after cutting its full-year profit and revenue forecast as delays in some large projects hit its dominant transportation unit that makes rail cars. Eight of the index's 11 major sectors were lower with the industrials sector .GSPTTIN down 0.3 percent.

* The Bank of Canada cut its growth forecast for the year, due to a slowdown in Canada's oil sector, the negative impact of global trade policies and a weaker-than-expected housing sector. The financials sector .SPTTFS slipped 0.4 percent, a day after the Canadian central bank held interest rates steady as expected.

* The energy sector .SPTTEN dropped 0.2 percent.

* On the TSX, 74 issues were higher, while 159 issues declined for a 2.15-to-1 ratio to the downside, with 22.25 million shares traded.

* Bombardier fell the most on the TSX followed by shares of Celestica CLS.TO , which were down 11.1 percent after reporting quarterly earnings.

* The top percentage gainers on the TSX were Ivanhoe Mines Ltd IVN.TO , which jumped 7.5 percent followed by Precision Drilling PD.TO , which rose 5.8 percent after reporting quarterly results.

* The most heavily traded shares by volume were Bombardier, Stornoway Diamond SWY.TO and Ivanhoe Mines IVN.TO .

* The TSX posted three new 52-week highs and three new lows.

* Across all Canadian issues, there were 21 new 52-week highs and eight new lows, with total volume touching 32.02 million shares.

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