TSX falls as oil tumble weighs on energy, financial stocks

Tue Feb 2, 2016 5:25pm EST
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index fell on Tuesday, with financial and energy stocks weighing as crude oil prices dropped on renewed concern about oversupply.

The index has fallen 3 percent so far this week as oil erased most of last week's four-day rally.

"We're still captive to the oil markets," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

"It's hard to step up to the plate when every time you step up to the plate you strike out," he added.

The most influential movers on the index included its biggest bank by market capitalization, Royal Bank of Canada (RY.TO: Quote), which fell 1.7 percent to C$70.08, and Manulife Financial Corp (MFC.TO: Quote), which was down 5.2 percent at C$18.21.

The overall financial services group fell 1.6 percent.

The energy group fell 3.5 percent, including a 4.6 percent decline in Canadian Natural Resources (CNQ.TO: Quote), to C$27.75.

Imperial Oil Ltd (IMO.TO: Quote) fell 1.8 percent to C$41.08 after the country's No.2 integrated oil producer and refiner reported a lower-than-expected quarterly profit.   Continued...

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