Energy shares pull TSX lower; Hudson's Bay jumps

Mon Nov 24, 2014 5:00pm EST
 
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By Alastair Sharp and John Tilak

TORONTO (Reuters) - Canada's main stock index dropped on Monday after a six-day winning streak, as a decline in the price of oil hit shares of energy producers and weakness in the bullion price weighed on the gold-mining sector.

Gains in railways and a surge in Hudson's Bay Co, which outlined a $1.25 billion refinancing plan, gave investors some cause for cheer even as the index edged lower.

Canadian National Railway Co and Canadian Pacific Railway Ltd, were the top performers, with CN Rail adding 1.2 percent to C$81.99 and CP gaining 1.9 percent to C$234.47.

Monday's session came as investors were bracing for the outcome of an Organization of the Petroleum Exporting Countries meeting on Thursday.

"This is a little bit of give-back, based on the fact that we have the critical OPEC meeting this week," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.

With crude oil around $80 a barrel, near four-year lows, companies that extract or sell the commodity were among the heaviest laggards on the Canadian benchmark index. [O/R]

Suncor Energy was down 0.5 percent at C$40.32, and Canadian Natural Resources shed 1.5 percent to C$42.03.

The Toronto Stock Exchange's S&P/TSX composite index closed down 95.72 points, or 0.63 percent, at 15,015.41. Six of the 10 main sectors on the index were in the red.   Continued...

 
A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007.  REUTERS/Mark Blinch