Resource stocks weigh on TSX, investors cautious ahead of Fed

Mon Mar 14, 2016 5:20pm EDT
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index fell on Monday as lower commodity prices weighed on miners and energy companies and investors took a cautious approach ahead of a U.S. Federal Reserve policy decision.

U.S. crude oil prices CLc1 fell about 3 percent after Iran quashed hopes of a quick deal by major producers to freeze output and oversupply concerns resurfaced after a six-week recovery in prices. [O/R]

"It's a story about oil, and then we're waiting for the Fed later this week," said John Stephenson, president at Stephenson & Company Capital Management.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 44.46 points, or 0.33 percent, at 13,477.54.

Seven of the index's 10 main groups ended in negative territory, with industrial and consumer stocks rising.

Energy stocks slipped 0.8 percent, with pipeline operator Enbridge Inc (ENB.TO: Quote) off 2.4 percent to C$50.01 and Crescent Point Energy Co (CPG.TO: Quote) down 2.3 percent at C$17.91.

Veresen Inc (VSN.TO: Quote) slumped 7 percent to C$7.93 after its application to build an LNG export terminal and natural gas pipeline was rejected.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.3 percent.   Continued...

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