TSX slips as energy gains offset by financials, industrials

Mon Nov 23, 2015 5:07pm EST
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index fell on Monday, weighed by financial, industrial and healthcare stocks that canceled out energy gains after the country's main oil-producing province unveiled a plan to tax carbon emissions and Saudi Arabia vowed to support oil prices.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE settled down 51.11 points, or 0.38 percent, at 13,382.38. Six of its 10 main groups fall.

The move lower came after a recent bump up from near 13,000 to above 13,500, and included a 3.3 percent decline in Valeant Pharmaceuticals International Inc (VRX.TO: Quote) to C$117.08 and a 0.5 percent slip for the heavyweight financials group.

"I think the trend is going to be what we've seen through this year, it's going to be grind higher then be knocked down, then grind a little higher and be knocked down," said Philip Petursson, managing director for capital markets and strategy at Manulife Asset Management.

Shares in power generation company TransAlta Corp TA.TO were halted in the last half hour of trade up 9.4 percent at C$5.96. The company later said it would receive a C$540 million investment from TransAlta Renewables, which it spun off in 2013 but in which it continues to hold a majority stake.

It had earlier cheered the Alberta government's move to phase out coal-fired generation by 2030, a timeline it said would not "strand capital".

The province, home to the country's controversial oil sands, said on Sunday it will implement an economy-wide tax on carbon emissions in 2017.

Capital Power Corp CPX.TO, which also operates in Alberta, fell 10.3 percent to C$16.82.   Continued...

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