TSX breaks three-day winning streak as energy weighs

Thu Jun 25, 2015 4:52pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index finished lower on Thursday, pulled down by a hefty retreat in energy names that snapped a three-session rally.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 50.01 points, or 0.33 percent, at 14,897.5.

Suncor Energy Inc (SU.TO: Quote) fell 3.2 percent to C$34.56, while Encana Corp (ECA.TO: Quote) declined 3.4 percent to C$14.24 and Canadian Natural Resources CNQ.TO lost 2.1 percent to C$35.13.

The overall group retreated 1.7 percent, hurt by oil prices CLc1 LCOc1 that were pulled lower by uncertainties over a solution to Greece's debt crisis and the potential easing of sanctions on crude-producing Iran. [O/R]

"The hope is that now oil has dropped significantly and will stay at this level or even fall further over time, that other sectors like, for one, manufacturing will pick up the slack," said Allan Small, a senior investment advisor at Dundee Wealth.

"If you're not in the oil sector, a low price for oil is going to help you," he said.

Telecom stocks moved 0.5 percent higher overall, with BCE Inc (BCE.TO: Quote) adding 0.9 percent to C$54.50 after announcing a broadband expansion plan. Shaw Communications Inc (SJRb.TO: Quote) rose 0.5 percent to C$27.83 despite posting disappointing quarterly results.

Losses outside of the energy group were modest, with many investors awaiting resolution to Greece's debt situation.   Continued...

 
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.  REUTERS/Mark Blinch