Roundup: Canadian stock market falls amid railways, resources losses

Canada's main stock market on Tuesday continued the losing streak when losses from Canada's two main railways and resources shares shattered the trading sentiment.

The Toronto Stock Exchange's benchmark Standard & Poor's /TSX Composite Index shed 91.30 points, or 0.66 percent, to settle at 13,699.60 points.

Industrials was the biggest loser, down 2.94 percent, when two major railway transportation providers made downwards correction as investors took profits after big rallies in the previous trading days since Oct. 19 when the Liberal Party won the federal election. The party promised in its campaign that billions of Canadian dollars will be injected into infrastructure projects, which are beneficial to the shares of the transportation companies.

Canadian Pacific Railway Limited tumbled 4.68 percent to 191.76 Canadian dollars while Canadian National Railway Company lost 2.81 percent to 79.51 Canadian dollars per share.

Meanwhile, resources extended losses when Energy lost 1.98 percent and Metals and mining shed 2.69 percent as sluggish commodities weighed.

Oil and gas supplier Canadian Natural Resources Limited declined 2.47 percent to 29.57 Canadian dollars while copper producer Teck Resources Limited dived 7.15 percent to 8.05 Canadian dollars apiece.

Info Tech and Utilities were among the losers, down 1.58 percent and 1.72 percent respectively.

Financials, the only gaining sector in TSX edged 0.35 percent higher Tuesday when Toronto-Dominion Bank was up 1.22 percent to 54.87 Canadian dollars.

On the economic beat, analysts believed that the Trans-Pacific Partnership (TPP), a trade agreement among 12 Pacific Rim countries, will provide considerable benefits for its member countries by promoting manufacturing and services activity, boosting investment, and helping members reduce their reliance on Chinese demand, according to a report released by Scotiabank Tuesday.

On the currency front, the Canadian dollar plunged to 0.7538 U.S. dollar at 4 O'clock (the Canadian Eastern Daylight Time) Tuesday, compared with 0.7597 U.S. dollar Monday. Enditem