TSX falls, pressured by financial and energy stocks
By Fergal Smith
TORONTO (Reuters) - Canada's main stock index fell on Monday as banking, energy and consumer stocks lost ground, offsetting gains among gold miners as global growth concerns mounted.
Declining crude oil prices for a third straight day weighed on Canada's resource-linked market, while worries over global growth and the health of the financial sector hurt sentiment after triggering a sell-off in European stocks.
Deterioration in earnings and revenue has become "more broad based," said Manash Goswami, a portfolio manager at First Asset Investment Management Inc, spreading from resource stocks to financials and technology.
Financial sector stocks tumbled 2 percent, including a 2.6 percent drop in Royal Bank of Canada (RY.TO: Quote) to C$69.29.
Brookfield Asset Management Inc (BAMa.TO: Quote) fell nearly 4 percent to C$38.50. Its bid for Australian freight giant Asciano Ltd AIO.AX has been trumped by local rival Qube Holdings Ltd QUB.AX.
The energy group retreated 2.4 percent, including a 3.3 percent decline in Canadian Natural Resources Ltd (CNQ.TO: Quote) to C$29.22.
U.S. crude CLc1 prices settled at $29.69 a barrel, down 3.9 percent.