TSX falls in broad retreat led by energy stocks

Mon Jan 9, 2017 5:14pm EST
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's benchmark stock index finished lower on Monday as energy stocks fell with tumbling oil prices, and financial, telecom and industrial stocks also weighed on the market.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 107.10 points, or 0.69 percent, at 15,388.95. Two stocks declined for every gainer.

The most influential movers on the index included some of its biggest oil and gas producers, with the energy group down 2.5 percent overall as oil prices fell on fears that record Iraqi crude exports and growing U.S. output could undermine OPEC's efforts to reduce supply. [O/R]

Canadian Natural Resources Ltd (CNQ.TO: Quote) fell 3.1 percent to C$41.82, and Suncor Energy Inc (SU.TO: Quote) lost 1.4 percent to C$43.49.

Seven Generations Energy VII.TO slumped 9.1 percent to C$27.06 after reporting lower-than-expected production in the fourth quarter.

"A lot of momentum was in that name. ... It was really being pushed in the broker channels. It probably ran a little bit ahead of itself," said Bryden Teich, a portfolio manager at Avenue Investment Management.

The financials group, which accounts for 35 percent of the index weight, lost 0.5 percent, with Brookfield Asset Management Inc (BAMa.TO: Quote) off 1.3 percent at C$43.56 and insurer Sun Life Financial Inc (SLF.TO: Quote) down 1.5 percent at C$51.46.

Industrials and telecoms both lost 0.8 percent.   Continued...

 
A Bay Street sign, the main street in the financial district is seen in Toronto, January 28, 2013. REUTERS/Mark Blinch