TSX slips as energy stocks, hurt by oil, lead declines

Fri Jun 2, 2017 5:00pm EDT
 
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By Solarina Ho

TORONTO (Reuters) - Canada's main stock index fell on Friday, dragged lower by weakness in energy stocks as oil prices fell and a modest dip in heavyweight financial shares after U.S. jobs growth came in below expectations.

The Toronto Stock Exchange's S&P/TSX composite index close 27.16 points down, or 0.18 percent, at 15,442.75. Of the index's 10 main industry groups, six were in negative territory.

The index gained 0.17 percent on the week.

"Just about everything here is hitting a rough patch," said John Kinsey, portfolio manager at Caldwell Securities Ltd. "We may be hitting the summer doldrums a little early."

The energy group gave up 1.7 percent, as oil prices fell on concerns that U.S. drilling could accelerate after President Donald Trump's decision to abandon the Paris climate pact, exacerbating a persistent global glut. [O/R]

Cenovus Energy Inc fell 5.3 percent to C$11.61 and was the most influential drag on the index.

Cardinal Energy Ltd sank 8 percent to C$5.31 after agreeing to buy Canadian light oil assets from Apache Corp for C$330 million ($244 million) in cash.

The financials group slipped 0.1 percent, weighed down most heavily by insurers as a smaller-than-forecast increase in U.S. payrolls growth in May pushed bond yields lower.   Continued...

 
The Bay Street sign is pictured in the heart of the financial district as people walk by in Toronto, May 22, 2008.     REUTERS/Mark Blinch