TSX falls for sixth straight session, energy stocks down 3.7 percent

Wed Jan 6, 2016 5:23pm EST
 
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By Fergal Smith

TORONTO (Reuters) - Canada's benchmark stock index fell for a sixth straight session on Wednesday as energy shares tracked crude oil prices lower, while heavyweight banks and railways declined on rising geopolitical tensions and growth worries.

The index was within reach of the Dec. 14 trough of 12,617.66, the lowest since August 2013. It follows an 11 percent loss in 2015, its worst year since the global financial crisis of 2008.

"From a trading perspective, there's just no bids anywhere," said Diana Avigdor, vice president, portfolio manager and head of trading at Barometer Capital Management.

The most influential movers included Suncor Energy Inc SU.TO, the country's largest oil and gas company, which declined 3.7 percent to C$34.10 and pipeline company Enbridge Inc (ENB.TO: Quote), which fell 3.1 percent to C$44.58.

The energy group overall dropped 3.7 percent, with crude oil prices plunging after data showing a shockingly large build-up of U.S. gasoline supplies fed fears that a global surplus was still growing.

U.S. crude CLc1 prices settled at $33.97 a barrel, down 5.56 percent, while Brent crude LCOc1 lost 6.1 percent to $34.21.[O/R]

The index's financials group retreated 1.8 percent, with Royal Bank of Canada (RY.TO: Quote) off 1.7 percent to C$71.57.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 193.34 points, or 1.50 percent, at 12,726.80. Eight of the index's 10 main groups were in negative territory.   Continued...

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